WeRide, one of China’s best-funded startups for self-driving technology, has started the New Year with a bang by closing a $310 million series B funding round led by domestic bus maker Yutong Group, continuing a funding frenzy for the industry started in 2020.

The round, consisting of three tranches, was also joined by CMC Capital Partners, CDB Equipment Manufacturing Fund, Hengjian Emerging Industries Fund, Zhuhai Huajin Capital and Tryin Capital, as well as existing investors Qiming Venture Partners, Sinovation Ventures and Kinzon Capital, WeRide said in a statement on Thursday.

The new funding comes as Beijing relaxes its approach to approving road tests and operations for pilotless vehicles amid a drive to build an intelligent transportation system. Earlier this week, the Ministry of Industry and Information Technology released a draft plan allowing eligible autonomous cars to apply for tests on highways in response to growing demand from the industry.
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