Idriverplus Completes Series C+ Financing Led by Xin Ding Capital

(Source: Idriverplus)

China’s autonomous driving technology provider Idriverplus announced its completion of a C+ round of financing worth hundreds of millions of yuan led by Xin Ding Capital, which has previously invested in Cambricon Technologies, Xpeng and Weltmeister.

This round of financing will mainly be used for researching and developing core technology, forming L4-level auto-driving fleets, deploying Robotaxi operation in different scenarios and realizing the rapid mass production of “special vehicles.”

Additionally, the funds will be utilized for recruiting top auto-driving talent as well as expanding into foreign markets. 

Established in 2015, Idriverplus’s core team comes from the Department of Automotive Engineering of Tsinghua University. The company currently has around 300 employees. 

Different from Baidu Apollo and WeRide, Idriveplus focuses both on L4-level Robotaxis and specialized L4-level vehicles in appointed areas.

Its core product, named the “brain” of auto-driving, has been applied in low-speed, high-speed and special vehicles with an accumulative test mileage exceeding 2 million kilometers and has been sold to countries including Germany, the United States, Japan, and Russia.

At the China International Fair for Trade in Services 2020 held last week, Idriverplus released the unmanned floor scrubber “Woxiaobai AS80”, which is used in shopping malls, warehouses, hospitals, airports and other scenarios with a cleaning efficiency of 4,000 square meters per hour. 

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The company finished its C1 financing round worth tens of millions of US dollars backed by the HOPU-Arm Innovation Fund three months ago. 

And in April 2018, it announced to have obtained a Series B2 financing invested by GF Xinde Investments, Infore Group and Beijing Changping Micro and Medium Enterprises Innovation Venture Development Fund Co., Ltd. 

Moreover, Idriverplus has also completed its B1 round of investment led by Baidu and followed by JD.com and Shunwei Capital.