Sep 14, 2021

Chinese e-commerce and internet services giant Alibaba has led a new fundraising drive of more than $300 million for self-driving technology startup Deep Root. Also participating in the new financing were Generation Capital, Fosun RZ Capital, Glory Ventures and Unibei Partners. And “Bloomberg” indicated that the proceeds of the new fundraising will be used to fund research and development projects, expand cooperation with car companies, and increase the size of the fleet of cars used and the team at Deep Root. Headquartered in Shenzhen, China, Deep Root aims to increase its fleet of self-driving taxis to more than 150 cars by the end of 2021. The company also obtained a license to transport passengers in these cars from the relevant authorities in California, USA. DeepRoot CEO Maxwell Chu said the company’s employees are “extremely excited to launch more self-driving taxis on the streets and expand its urban logistics network… We are excited about the future of self-driving vehicles and the positive social impact we’re having.” These were the details of the news Alibaba leads a $300 million fundraising for a startup for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.