The Tencent and GAC Group-backed ride-sharing platform Ruqi Mobility, has conducted a Series A funding round that raised over RMB 1 billion ($152.6 million) to push forward the commercialization of its robotaxi service, reports Nikkei Asia. The funding round was led by existing backer GAC, a traditional automaker that is boosting its presence in autonomous vehicles.
Also joining the round were autonomous driving companies WeRide and Toyota-backed Pony.ai, Asia-based asset management company Sparx Group, Singapore’s Pilgrim Partners Asia, Guangzhou Industrial Investment and Capital Operation Holding Group, and Guangzhou Gongkong Capital Management.
The Series A round allows Ruqi Mobility to attract new investors to build “a network of shareholders with diversified backgrounds,” the startup said. While Tencent is its second-largest shareholder, Ruqi’s two strategic investors—Pony.ai and WeRide—are both venture-backed developers of Level 4 autonomous driving technology.