Alibaba deepens its investment in autonomous driving with this startup

Alibaba led a round of funding of over $ 300 million in the Chinese self-driving startup

The Shenzhen-based startup makes autonomous driving systems for vehicles that include hardware and software. operates a fleet of autonomous taxis with some operated by its partners, including Kaokao and the automaker Dongfeng Motors, but the company is also developing logistics technology.

Alibaba’s participation al round funding underlines the ambitions of Chinese tech giants to gain a foothold in the field of auto self-driving. Alibaba Group is also already an investor in a new company of auto self-driving Chinese called AutoX, as well as its support for the company auto Xpeng electric.

Alibaba also has its own logistics arm, Cainiao, which plans to develop self-driving trucks.

For his part, Deep Root CEO Maxwell Chu said that “most of the money raised is spent on technology development and the rest will go towards increasing the size of its robot taxi fleet,” according to CNBC. which has been reviewed by Al

The money will also go to hire more talent, Zhou added.

The company currently operates around 70 automated taxis and wants to expand its fleet between 150 and 160 Robo Taxis, according to Zhou, who added that half of the fleet will be operated by DeepRoot itself, while the other half will be operated by its partners. .

In a press release, the company said its long-term strategy includes the development of mid-size trucks for urban logistics.

This is when the Chinese autonomous driving industry has become very competitive. Chinese Internet giant Baidu and Didi are investing in auto self-driving. A large number of other startups too in China, including and WeRide, are pouring money into the camp.

Read More About: Business News

Leave a Reply