DeepRoute.ai secures USD 100 million to accelerate smart driving adoption in China
DeepRoute.ai secures USD 100 million to accelerate smart driving adoption in China
Chinese autonomous driving technology firm DeepRoute.ai has witnessed a huge funding round, with a USD 100 million fund coming from an unnamed automaker. The Shenzhen-based startup wants to speed up mass adoption of its sophisticated assisted driving systems ahead of rivals like Tesla in the rapidly shifting Chinese market.
That means DeepRoute.ai wants to equip about 200,000 vehicles with its technology at the end of next year, up from the about 20,000 cars who are already using the tech. According to the company, the technology works much like Tesla’s Full Self Driving (FSD) system, which is due to launch in China soon.
In 2025, DeepRoute.ai plans to bring over 10 vehicle models with its technology of assisted driving. Then in August, the system was launched on the first model, and two more to be taken by consumers in the smart brand co-owned by Geely and Mercedes-Benz this year.
The fleet it's growing purchase of AI is expected to make money via technology licensing fees and will help it gather the necessary data to make advances in its AI ability to control complicated traffic scenarios. DeepRoute.ai did not reveal the identity of the new automaker investor and its post-funding valuation, but existing investors in DeepRoute.ai include e-commerce giant Alibaba.
In the midst of fierce price war in China’s automotive market, automakers are intensifying the competitive landscape to offer consumers with advanced autonomous features. Competition in the Chinese market has recently become very urgent as Tesla has announced that its FSD system will be introduced to China.
But Tesla's work of pioneering autonomous technology, Zhou noted, wouldn't be enough to meet the unique challenges of China's traffic conditions, which can be filled with bustling streets crowded with people and scooter deliveries. The potential expansion opportunities in other markets like Europe, Southeast Asia, and the Middle East were also noted by him and it was assumed that there may be a boost in demand for advance driving technologies up to around 2027 and 2028.
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Established in 2019, DeepRoute has been developing its autonomous driving system without using expensive high-definition maps, making a lower-cost strategy that has become a price advantage in the cost efficiency field, so that smart electric vehicles can be produced at an expected price of 150,000 yuan (USD 21,063).
