Cowarobot, an unmanned driving technology company, announced on Wednesday that it had completed a C round of financing worth $250 million. This round of financing was joined by industrial capital and some well-known financial investors. Previously, the company had received hundreds of millions of yuan from Infore Capital, China Creation Ventures, and other institutions.
He Tao, founder & CEO of Cowarobot, said that this round of financing will be mainly used to increase product R&D and manufacturing capacity. The financing would further help the company increase its reuse rate of platform-based technology while also expanding its reach in the domestic market. With this new influx of cash, the company will be able to better serve leading enterprises in the municipal sanitation industry and key areas of capacity allocation services in automated driving cities.
As a domestic full-stack L4-level automated driving technology developer, Cowarobot focuses on the R&D and application of unmanned driving and intelligent network-connected technologies in complex urban conditions.
Since 2018, Cowarobot has cooperated with Zhonglian Environment, a leading enterprise in the sanitation industry, to set up an unmanned mobile sanitation operation teams that could cover whole cities. At present, nearly 1,000 L4 automated driving sanitation operation vehicles have been put into use and their service area of vehicles exceeds 10 million square meters.
The company is also one of the earliest enterprises involved in the field of delivery services using autonomous vehicles in Chinese cities. Cowarobot has strategically cooperated with automakers such as BAIC Group, Jiangling Motors and Chery. The company has also cooperated with Wuhu Economic and Technological Development Zone to carry out unmanned driving logistics business.
In addition to maintaining a very high market share in the automated driving and urban delivery market, Cowarobot has also built and maintained a large-scale Robotaxi test fleet in Shanghai, which is expected to exceed 100 models by the end of the year.