Alliance Ventures, the venture capital arm of Renault-Nissan-Mitsubishi, has become the lead strategic investor in WeRide.ai – formerly JingChi.ai – a Chinese autonomous driving company focused on Level 4 self-driving technology.
The investment follows the completion of WeRide.ai’s Series A funding, and is set to make the company the first Chinese L4 autonomous driving start-up to receive investment from and form a strategic partnership with a global automotive group.
WeRide.ai plans to use the investment to deploy a fleet of 500 autonomous vehicles in 2019, to accumulate 5 million kilometres of autonomous driving mileage and to work with partners to conduct trials in the cities of Guangzhou and Anqing.
François Dossa, Alliance Global Vice President, Ventures and Open innovation, said: “Autonomous systems are a key priority of the Alliance as we develop new mobility services. Our member companies are committed to introducing such technologies in key markets such as China, so we are delighted to be supporting WeRide.ai as it pioneers such full autonomous systems for the demanding Chinese market-place.”
Tony Han, CEO and co-founder of WeRide.ai said, “In addition to the financial investment, Renault-Nissan-Mitsubishi and WeRide.ai will further our relationship through strategic cooperation in specific areas.
“We truly believe the next stage of autonomous transportation revolution 2.0 has arrived.”