DeepRoute.ai has closed a Series B funding round with the investment totaling to more than US$300 million. The funding will further research and development, help scale automaker collaboration and fleet operation, and support the expansion of the team. DeepRoute.ai’s long-term strategy includes developing medium-duty trucks for urban logistics, improving transit for shipments and freight delivery.
DeepRoute’s Level 4, full-stack self-driving system incorporates every function within self-driving technology, including sensing, HD mapping, localization, perception, planning and control, simulation, and a cloud-based data platform.
In July, DeepRoute announced its robotaxi program was available to the public in Shenzhen after two years of testing, making it the first company to provide this type of service in Shenzhen.
DeepRoute is deploying 20 self-driving cars in the Central Business District of downtown Shenzhen, and it is the first company to be granted a permit to operate in the city. DeepRoute is servicing over 100 pick-up and drop-off points, including popular landmarks and COVID-19 vaccination centers.
DeepRoute.ai robotaxi and medium-duty truck in Shenzhen, China.
In addition to expanding the types of vehicles deployed, DeepRoute.ai aims to grow its robotaxi fleet to more than 150 by the end of 2021, with their owned vehicles making up approximately 100 of the total, as interest in autonomous transportation and demand for affordable ride-hailing services increases.
Currently operating in Wuhan and Shenzhen with more than 1.2 million miles driven safely on public roads, DeepRoute.ai received a Passenger Carry Permit from the California Public Utilities Commission (CPUC) this June.
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, the company projects. In the meantime, DeepRoute.ai will continue to establish and maintain partnerships with major automakers to offer safe and new riding experiences for the public.
The oversubscribed round was led by Alibaba Group, and other venture capital companies including Jeneration Capital. Previous investors Fosun RZ Capital, Yunqi Partners, and Glory Ventures also participated in the round.