DeepRoute.ai, an autonomous-driving technology startup with headquarters in Shenzhen and Fremont, California, has raised more than US$300 million in a Series B funding round. The oversubscribed round was led by Alibaba Group and other venture capital companies.
Other investors included Jeneration Capital and a fund under Geely Auto Group. Previous investors Fosun RZ Capital, Yunqi Partners, and Glory Ventures also participated in the round. Terms of the investment were not disclosed.
Proceeds from the fund-raising will be used for further research and development, scaling automaker collaboration and fleet operation, and supporting the expansion of the team. DeepRoute.ai says its long-term strategy includes developing medium duty trucks for urban logistics, and improving transit for shipments and freight delivery.
Commenting on the latest fund-raising, Grace Liu, co-president of Fosun RZ Capital, notes that DeepRoute.ai is the first self-driving technology company it has invested in. “Since Pre-A funding, they have surpassed our expectation in regard to technology innovation, business cooperation, etc.,” she adds. “We look forward to seeing DeepRoute.ai being one of the industry leaders and bring benefits to people’s daily life.”
In addition to expanding the types of vehicles deployed, DeepRoute.ai aims to grow its robotaxi fleet to approximately 100 by the end of 2021 as interest in autonomous transportation and demand for affordable ride-hailing services increase. Currently operating in Wuhan and Shenzhen with over 1.2 million miles driven safely on public roads, DeepRoute.ai has also received a “passenger carry permit” from the California Public Utilities Commission (CPUC) with preparations to offer robotaxi services in California later this year currently underway.
DeepRoute.ai’s mobility services, encompassing medium duty trucks and robotaxis, or DeepRoute-LINK and DeepRoute-INJOY respectively, will provide sustainable and profitable revenue streams for the future of the company. In the meantime, DeepRoute.ai says it will continue to establish and maintain partnerships with major automakers to offer safe and new riding experiences for the public.
“We appreciate our forward-looking investors for their support. Our DeepRoute.ai team is excited to bring more robotaxis to the streets and expand to urban logistics,” says chief executive officer Maxwell Zhou. “We are excited for the future of autonomous vehicles and the positive societal impact we will have.”
DeepRoute.ai is the first company to be granted a permit to operate robotaxis in Shenzhen’s Central Business District, currently servicing over 100 pick-up and drop-off points.
Following a Covid-19 outbreak in China's most populous province, Guangdong, DeepRoute.ai transported approximately 14,000 Covid-19 test samples per day to local hospitals in Shenzhen for testing through its advanced self-driving technology.
