Didi Global Inc is seeking fresh capital for its autonomous driving unit, aiming for a valuation of around $5 billion, Bloomberg reported, citing people familiar with the matter.
The fundraising effort comes as Chinese technology firms benefit from renewed investor interest in artificial intelligence and self-driving technologies.
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Didi Autonomous Driving is in discussions with potential investors, including a Beijing-based fund, to raise several hundred million dollars, Bloomberg reported. The proceeds could be used to advance autonomous driving technology and accelerate mass production of its robotaxi.
The company operates a self-driving fleet of more than 200 vehicles and has conducted trials in Beijing, Guangzhou, and Shanghai. In April 2023, Didi introduced its first concept robotaxi, the Didi Neuron.
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Investor interest in China’s autonomous driving sector has grown, supported by advancements in artificial intelligence and government backing. In October, Didi’s autonomous driving unit raised $298 million in a Series C funding round led by Guangzhou Automobile Group Co, with participation from SoftBank Vision Fund, IDG Capital, CCB International, and CPE.