TechBookyBusiness
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Funding

Chinese Autonomous Driving Firm DeepRoute.ai Raises $300 Million From Alibaba And Others

Ibhadojemu Sunday Oseyemere by Ibhadojemu Sunday Oseyemere
September 14, 2021
in Funding
Share on FacebookShare on Twitter

Chinese autonomous driving company DeepRoute.ai on Tuesday raised $300 million to expand its test vehicles and develop technologies, in a funding round led by e-commerce giant Alibaba. Other investors in the round were China-focused tech investor Jeneration Capital, and Chinese automaker Geely.

The financing comes as automakers and technology firms are investing incredible amounts of money in the autonomous driving industry, to be at the forefront of autonomous driving, which many believe to be the future of mobility.

In particular, the involvement of Alibaba underscores the ambitions of China’s technology giants to secure a solid grip in the autonomous vehicles sector. Alibaba is already an investor in another Chinese autonomous driving car startup called AutoX and is backing electric vehicle maker Xpeng. The company also has its own logistics arm called Cainiao which plans to develop autonomous trucks.

Deep route.ai will use the new funds to double the fleet of its test Robo-taxis to between 150 to 160 by the end of this from the current 70, Chief Executive Officer, Zhou Huang, said. “Money will also go toward hiring more talent”, Zhou Huang added. DeepRoute.ai, which is currently testing vehicles in the Chinese cities of ShenzhenandWuhan, will operate half of the Robo-taxis, while the other half will be operated by its partners. Additionally, the company plans on expanding its workforce from 400 to 600, which will include in-vehicle safety drivers.

The Chinese autonomous driving industry is very competitive, with DeepRoute.ai facing competition from rivals such as WeRide and Pony.ai. Just last week, WeRide launched a new product called Robovan designed for urban logistics, an area that DeepRoute.ai is also exploring. Pony.ai, backed by Toyota Motors, has said earlier that it would develop autonomous trucks. Chinese internet giant Baidu and ride-hailing company Didi have also ventured into the autonomous driving space.

In addition to its autonomous vehicles, DeepRoute.ai is developing technology for logistics. In a press release, the company said its long-term strategy includes developing medium-duty trucks for urban logistics, improving transit for shipments as well as freight delivery. DeepRoute.ai will develop self-driving light-duty trucks for urban logistics services, Chief Executive Officer Zhou Huang said, adding Alibaba would be a big client.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Chinese Self-driving Startup WeRide Raises $310m, Strengthens Partnership With Nissan
    Chinese Self-driving Startup WeRide Raises $310m,…
  • Intel Plans To List Mobileye, The Isreali Autonomous Driving Firm It Acquired Years Back, In The US
    Intel Plans To List Mobileye, The Isreali Autonomous Driving…
  • Alibaba Leads AR Glasses Maker Nreal’s $60 Million Investment, Making An Entry Into The Metaverse
    Alibaba Leads AR Glasses Maker Nreal’s $60 Million…
  • Full Self-driving Cars May Not Be Actualized This Year, Tesla Tells Regulator
    Full Self-driving Cars May Not Be Actualized This Year,…
  • Elon Musk Says Tesla Will Be Working With Global Regulators On Data Security
    Elon Musk Says Tesla Will Be Working With Global Regulators…
  • Chinese EV Maker Xpeng Sees Its Shares Rise After Posting Delivery Results for October 2021
    Chinese EV Maker Xpeng Sees Its Shares Rise After Posting…
  • Alphabet’s Self-driving Car Company Waymo Announces $2.5b Investment Round
    Alphabet’s Self-driving Car Company Waymo Announces $2.5b…
  • The U.S. Adds 14 Chinese Companies To Its Economic Blacklist Over Xinjiang
    The U.S. Adds 14 Chinese Companies To Its Economic Blacklist…
Tags: alibabaautonomous drivingcarschinaDeeproute.aie-commerceTechnology
Previous Post

Microstrategy Seems To Be On A Mission As It Acquires 5,050 BTC Worth $242 Million

Next Post

El Salvador Is Looking To Exempt Foreign Investors From Paying Taxes On Bitcoin Profits

Next Post
El Salvador Is Looking To Exempt Foreign Investors From Paying Taxes On Bitcoin Profits

El Salvador Is Looking To Exempt Foreign Investors From Paying Taxes On Bitcoin Profits

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest
  • Crypto Exchange FTX Debunks News That It Plans To Acquire Robinhood

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$19,534.56-2.95%
  • ethereumEthereum(ETH)$1,066.88-5.54%
  • tetherTether(USDT)$1.00-0.09%
  • usd-coinUSD Coin(USDC)$1.00-0.07%
  • binancecoinBNB(BNB)$212.99-2.89%
  • Binance USDBinance USD(BUSD)$0.98-1.69%
  • rippleXRP(XRP)$0.320780-3.43%
  • cardanoCardano(ADA)$0.449362-3.56%
  • SolanaSolana(SOL)$31.95-9.11%
  • dogecoinDogecoin(DOGE)$0.0653220.24%
  • polkadotPolkadot(DOT)$6.80-5.17%
  • Shiba InuShiba Inu(SHIB)$0.0000102.08%
  • AvalancheAvalanche(AVAX)$16.65-8.40%
  • matic-networkPolygon(MATIC)$0.468547-9.78%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....