Deeproute.ai plans to use the funding to double the size of its robotaxi fleet. Here are the top-line bullets you need to know.
Deeproute.ai, a self-driving technology company, has raised $300M in a Series B. The round drew participation from Alibaba Group, Jeneration Capital, and Yunqi Partners, among others.
How’s the company performing?
- Shenzhen-based Deeproute develops self-driving hardware and software systems for vehicles. It runs a fleet of autonomous taxis, aka “robotaxis”, and it is currently developing technology for the logistics space.
- The company’s mobility services include medium-duty trucks (DeepRoute-LINK) and robotaxis (DeepRoute-INJOY).
- Deeproute.ai currently operates 70 robotaxis, serving more than 100 pick-up and drop-off locations.
- The company also collaborates with CaoCao, a ride-hailing firm, and Dongfeng Motors, an automaker.
- Deeproute.ai has offices in China and California. It reports that its vehicles have driven more than 1.2M miles safely on public roads.
- The company currently has a team of 400 employees.
Why does the market matter?
- The global advanced driver assistance system market is expected to grow at a CAGR of 18.8% and reach a value of $77.8B by 2027, according to Global Industry Analysts.
- Autonomous vehicle tech is expected to go mainstream over the next 2 decades — and 40+ major corporates, including Google, Apple, and Mercedes Benz, have already launched self-driving vehicle initiatives.
- The Covid-19 pandemic has given autonomous driving technology a boost, as it can serve as a contactless, safe option for personal mobility and delivery services.