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WeRide Inc.
Company typePublic
Nasdaq: WRD
IndustryAutonomous vehicles
Founded2017; 7 years ago (2017)
FounderTony Han
Key people
Tony Han (CEO), Yan Li (CTO)
Websitewww.weride.ai

WeRide Inc. (Chinese: 文远知行) is an international L4 autonomous driving technology company. WeRide is the only tech company in the world that holds driverless permits in China, the US, the UAE and Singapore.[1][2][3][4]

WeRide has formed strategic partnerships with OEMs and Tier 1 suppliers including Renault-Nissan-Mitsubishi Alliance, Yutong Group, GAC Group, Bosch, etc.

History

WeRide Mini Robobus in Guangzhou

Established in Silicon Valley in 2017, WeRide now has expanded its R&D and operation centers to San Jose, Abu Dhabi, Singapore, Guangzhou, Beijing, Shanghai and Shenzhen.[1] The Company was founded by Tony Han who was the former Chief Scientist of Baidu's Autonomous Driving Unit.[3] The company has grown to over 1200 employees around the globe over the past 7 years.[3]

In November 2020, WeRide announced that a total of 147,128 trips were completed for more than 60,000 passengers during its first year of Robotaxi service. Marking its one-year anniversary of Robotaxi operation, WeRide has partnered with Institute of Transportation Engineering, Tsinghua University, to conduct a Robotaxi passenger survey and publish China's First Robotaxi Passenger Survey Report.[4] In January 2021, WeRide unveiled world's 1st purpose-built L4 Mini Robobus, announcing the launch of its regular testing and reservation-based services to the public.[5]

In April 2021, WeRide obtained the fully driverless test permit from DMV, making it the first autonomous driving company to get the fully driverless test permit both in the US and China.[1][6]

In September 2021, WeRide forayed into urban logistics industry by unveiling WeRide Robovan, the very first L4 self-driving cargo van.[7]

In December 2021, WeRide completed autonomous taxi trial on Yas Island in UAE, by partnering with Bayanat. WeRide developed the full stack autonomous driving software and hardware solutions as well as operating and monitoring systems for the TAXI app.[8]

In May 2022, WeRide received strategic investment from Bosch and both parties jointly developed ADAS solution. This cooperation will accelerate the process of developing Bosch China's advanced driving solution, moving SAE Level 2-3 AD towards mass production.[9]

In September 2022, WeRide collaborated with the Saudi Company for Artificial Intelligence (SCAI) to launch the first dynamic display route of the driverless robobus (WeRide Robobus) at the 2022 Global AI Summit held in Riyadh, the capital of Saudi Arabia. This is the first fully driverless test ride of robobus in the Middle East country.[10]

In January 2023, WeRide launched a new generation of autonomous driving sensor suite, WeRide Sensor Suite 5.1, at the 2023 International Consumer Electronics Show (CES).[11]

In October 2024, WeRide and Uber announced a strategic partnership to bring WeRide’s autonomous vehicles to the Uber platform, starting in the UAE. The service will first launch in Abu Dhabi, with select WeRide vehicles available via the Uber app. WeRide already operates the largest robotaxi fleet in the UAE and holds the country’s only national license for self-driving vehicles, allowing it to operate nationwide. [12]

Also in October 2024, WeRide filed for an up to $439.9 million initial public offering on Nasdaq.[13]

In October 2024, WeRide debuted on the Nasdaq Global Select Market under "WRD," becoming the first publicly listed universal autonomous driving and Robotaxi company. Priced at $15.5 per ADS, the IPO could raise up to $458.5 million, including a $320 million private placement, if the underwriters’ option is fully exercised.[14]

Financing

In September 2017, WeRide completed a $52 million Pre-A round led by Qiming Venture Partners, Sinovation Ventures, NVIDIA and others.[3]

In October 2018, WeRide Closed its Series A funding round, with Renault-Nissan-Mitsubishi Alliance as the lead investor.

In January 2021, WeRide raised $310 million in Series B round after completing Series B2 and B3. It raised $200 million from Yutong Group, the strategic lead investor on the deal.[15] Qiming Venture Partners, Sinovation Ventures and Kinzon Capital, who were involved in the previous rounds, also participated in the funding.[16]

In May 2021, WeRide closed another $310 million Series C round at a $3.3 billion valuation.[17] This funding round was invested by IDG Capital, Hechuang Investment, CoStone Capital, Cypress Star, Sky9 Capital, and K3 Ventures.[18] Some institutes involved in WeRide's previous funding rounds, such as CMC Capital, Qiming Venture Partners, and AlpView Capital are also among the investors list.[19]

In December 2021, WeRide received strategic investment from GAC Group.[20] This investment will further the joint development and manufacturing of a fleet of purpose-built Robotaxis.[21]

In January 2022, WeRide completed series D funding round, jointly led by a China-UAE joint sovereign fund, Asia Investment Capital, Bosch, GAC Group, and Carlyle Investment Group, boosting the company's valuation to US$4.4 billion.

References

  1. ^ a b c "China's robotaxis charged ahead in 2021". TechCrunch. Retrieved 1 April 2022.
  2. ^ "WeRide Gets China's First Permit to Test Fully Autonomous Vehicles". Yicai Global. Retrieved 2023-02-02.
  3. ^ a b c d "WeRide and its "triangle": striving in the autonomous driving battlefield". Gasgoo. Retrieved 1 April 2022.
  4. ^ a b "China Publishes First Robotaxi Passenger Survey Report". That's Online. Retrieved 2023-02-02.
  5. ^ "WeRide Aims to Provide Paid Driverless Minibus Service in 2021 - Caixin Global". Caixin Global. Retrieved 2023-02-02.
  6. ^ "DMV Authorizes WeRide to Test Driverless Vehicles in San Jose". California DMV. Retrieved 2023-02-02.
  7. ^ WeRide. "WeRide unveils China's first Level 4 self-driving cargo van, WeRide Robovan in cooperation with Jiangling Motors and ZTO Express for smart urban logistics". PR Newswire (Press release). Retrieved 2023-02-02.
  8. ^ "DUAE completes groundbreaking autonomous taxi trial". Critical Communications Today. Retrieved 1 April 2022.
  9. ^ WeRide (2022-05-25). "WeRide received strategic investment from Bosch to jointly develop the auto grade and mass production of advanced driving solution in China". GlobeNewswire News Room (Press release). Retrieved 2023-02-02.
  10. ^ "WeRide Launches the First Self-driving Robobus Test Ride in Saudi Arabia at 2022 Global AI Summit - PR Newswire APAC". en.prnasia.com. Retrieved 2023-02-02.
  11. ^ "CES 2023: WeRide launches 'WeRide SS 5.1' new autonomous driving sensor suite - Automotive Technology Insight | Forecasts | Industry News | Supply Chain". autotechinsight.ihsmarkit.com. Retrieved 2024-02-23.
  12. ^ https://www.prnewswire.com/ae/news-releases/weride-and-uber-partner-to-bring-autonomous-vehicles-to-the-uber-platform-beginning-in-the-united-arab-emirates-302258701.html
  13. ^ "Chinese self-driving startup WeRide files for $440 mln U.S. IPO". Reuters. 24 October 2024. Retrieved 24 October 2024.
  14. ^ Inc, WeRide. "The World's First IPO of Universal Autonomous Driving Technology Company! WeRide Officially Listed on Nasdaq". www.prnewswire.com. Retrieved 2024-11-06. {{cite web}}: |last= has generic name (help)
  15. ^ "Chinese autonomous driving startup WeRide bags $200M in funding". TechCrunch. 23 December 2020. Retrieved 1 April 2022.
  16. ^ "Chinese autonomous vehicle company WeRide raises $200 million from bus maker Yutong". Reuters. 23 December 2020. Retrieved 1 April 2022.
  17. ^ "Autonomous driving startup WeRide closes Series C funding round, valued at $3.3 billion". Gasgoo. Retrieved 1 April 2022.
  18. ^ "China's WeRide secures more funding, pushing valuation to $3.3 billion". TechCrunch. 13 May 2021. Retrieved 1 April 2022.
  19. ^ "Nissan-backed self-driving startup WeRide secures $3.3bn found". [GC Business News. 13 May 2021. Retrieved 1 April 2022.
  20. ^ "China's WeRide receives strategic investment from GAC Group for robotaxis". Reuters. 14 December 2021. Retrieved 1 April 2022.
  21. ^ "WeRide receives strategic investment from GAC Group to develop robotaxis for large scale operation". Pandaily. 14 December 2021. Retrieved 1 April 2022.
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