A car equipped with WeRide autonomous driving technology in Guangzhou, China.

WeRide

GUANGZHOU, China — Chinese driverless car start-up WeRide has raised $310 million in a new round of funding as it pushes to commercialize its technology.

Yutong Group, a Chinese company that manufactures commercial vehicles including electric buses, lead the funding round.

A number of other new investors jumped on board while existing venture capital firms also participated.

WeRide did not disclose its valuation and declined to comment when contacted by .

The Guangzhou-based firm is among a handful of companies in China vying to become a leader in driverless car technology. WeRide focuses on building the technology that enables vehicles to be autonomous rather than actually manufacturing automobiles.

WeRide’s funding round follows a cash injection into rival Pony.ai in November which saw the latter’s valuation top $5 billion. Other companies including search giant Baidu, start-up AutoX and ride-hailing firm Didi, are competing in the same space.

In a press release, Tony Han, CEO of WeRide said the funding and new investors will give the company the “strategic resources to fulfill the goal of commercializing self-driving technology.”

In late 2019, WeRide launched a robotaxi project in Guangzhou and has since expanded to allow users to hail a ride through Alibaba’s Amap app. The company says it will launch trial operations for “Mini Robobuses” on Friday.

WeRide’s CEO Han previously told that he predicts the large-scale application of robotaxis will take place between 2023 and 2025. He said that WeRide will begin to make money from the business in 2025.