China’s Didi Chuxing Lands $300 Million For Driverless Cars

Chinese ride-hailing giant Didi Chuxing has raised $300 million for its autonomous driving unit, adding to the $500 million the company raised in May, according to a Reuters report on Thursday (Jan. 28).

The fundraising was led by investment firm IDG Capital, with participation from CPE, the Russia-China Investment Fund, Guotai Junan International and CCB International, a representative for Didi told Reuters.

Didi started testing and developing autonomous vehicles in 2016. Also backed by SoftBank, Didi has open-road testing licenses in California, Beijing, Shanghai and Suzhou. The company also recently raised $1.5 billion for its new freight business.