Home » Autonomous driving company Yuan Rong Qixing receives US$300 million in Series B financing led by Alibaba-IT and traffic

Autonomous driving company Yuan Rong Qixing receives US$300 million in Series B financing led by Alibaba-IT and traffic

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September 14th news,Autonomous driving company Yuan Rong Qixing announced the completion of the B round of US$300 million in financing. This round of financing was led by Alibaba, followed by Times Capital, Fosun Ruizheng, Yunqi Capital, and Yaotu Capital.Yuan Rong Qixing CEO Zhou Guang said: “This round of financing will mainly be used for the company’s R&D investment, speed up team expansion, and expand the scale of autonomous driving tests and operating fleets. Yuan Rong Qixing has already started RoboTaxi trial operation in the center of Shenzhen. This year. , We will also promote the application of autonomous driving in intra-city freight. Combining the resource advantages of investors and partners, we will orderly realize the commercialization of autonomous driving.”


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Tan Hainan, Partner and Chief Investment Officer of Times Capital, said: “At present, the world is undergoing a new round of technological changes. Autonomous driving is the key theme of this revolution. Yuanrong Qixing is the first echelon of domestic autopilot companies in the RoboTaxi field. Not only has a large number of innovative self-developed technologies and product advantages, but also has accumulated rich road test mileage and operating experience in the core areas of many cities across the country. For intra-city freight, Yuanrong Qixing has carried out research and development of self-driving light trucks for nearly a year In the test, it is believed that Yuanrong Kaixing will bring strong new momentum to the development and application of autonomous driving.

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Yuan Rong Qixing also announced the company’s “123N” business strategy for the next three years, which is to build an autonomous driving system, focusing on the two major businesses of autonomous driving travel and autonomous driving intra-city freight, and producing automatic vehicles that meet the three requirements of safety, reliability and intelligence. Driving products. Realize the application of automatic driving in many (N) life scenarios.

In the company’s business strategy, Yuanrong Qixing also named the corresponding products of its two major business segments. RoboTaxi-self-driving passenger car, named “Yuanqixing”. The self-driving light truck was named “Yuanqiyun”. The two words “xing” and “yun” are homophonic “lucky”, meaning that autonomous driving will bring beautiful changes to people’s lives.

In the field of travel, since its establishment in early 2019, Yuan Rong Qixing has successively launched autonomous driving tests and trial operations in the core urban areas of Shenzhen, Wuhan, and Hangzhou. It has accumulated more than 2 million kilometers of test and operation mileage and achieved rapid Technological innovation and iteration. In the future, in order to accumulate large-scale operation experience, Yuanrong Qixing will also expand its operating fleet, so that RoboTaxi self-operated vehicles will reach 100 by the end of 2021, and the total vehicles including cooperatively operated vehicles will reach 150.

In the same city freight, Yuanrong Qixing has launched the research and development test of self-driving light trucks, and passed the internal technical verification. In terms of technical solutions, “Yuanqiyun” adopts the same multi-sensor fusion technology as “Yuanqixing”, and has an adaptive design according to the urban freight scene and the characteristics of light trucks. In the next phase, Yuan Rong Qixing will increase investment in road testing of self-driving light trucks and conduct a full range of product polishing.

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Although the autonomous driving travel market is vast, the commercialization of RoboTaxi still needs a period of exploration due to factors such as policy, scale, and public acceptance. Therefore, many autonomous driving companies have set their sights on the logistics direction that can be commercialized earlier, and most of them focus on the main logistics and last-mile distribution. Yuan Rong Qixing took a different approach, starting from the same city freight forwarding layout.

The same city freight mainly solves the point-to-point transportation needs of commodity supply in supermarkets and supermarkets, express delivery centers and express stations. This type of transportation needs is mostly completed in an environment with few people and vehicles at night. Compared with busy streets during the day, the difficulty is reduced, and because the goods are transported, the safety risk is lower. Therefore, intra-city freight will be one of the first areas to realize the commercial application of autonomous driving. Yuan Rong Qixing has accumulated more than 2 million kilometers of road testing experience in the core urban areas of three cities across the country, which also gives it a more prominent technical advantage in this field.

This field is also a major application area encouraged by the government. The “Guiding Opinions on Promoting the Development and Application of Road Traffic Autonomous Driving Technology” issued by the Ministry of Transport in December 2020 clearly supports the development of autonomous driving cargo transportation services, as appropriate. Promote self-driving cargo-carrying demonstration applications including urban distribution.

Liu Siqi, Fosun Global Partner and Fosun Ruizheng Capital Co-President, said: “Yuanrong Qixing is the first autonomous driving company invested by Fosun Ruizheng. The progress in this area has exceeded our expectations. In terms of business operation and development strategy, the Yuan Rong Qixing team has a clear understanding and has carried out many active explorations. With the advancement of the global intelligent wave, we look forward to Yuan Rong Qixing becoming this A leader in change, creating more value for a better life of mankind.”

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Yuan Rong Qixing’s round of financing not only makes it the only L4 autonomous driving company that has received strategic investment from Internet-leading companies, it will also greatly promote the development of its RoboTaxi and intra-city businesses.


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