DeepRoute.ai Secures $100M Funding to Rival Tesla in Autonomous Driving Tech
November 4, 2024DeepRoute.ai has developed a map-free technology since 2020, allowing vehicles to navigate without high-definition maps, which significantly reduces costs.
The company aims to implement its automated driving systems in numerous vehicles across China before Tesla launches its advanced driver assistance system next year.
Chinese manufacturers like NIO, Xpeng, and BYD are also heavily investing in autonomous technologies designed for urban environments.
DeepRoute.ai aims to equip 200,000 vehicles with its advanced assisted driving technology by the end of 2025, following the introduction of its first three models in August 2024.
DeepRoute.ai, a Shenzhen-based autonomous driving technology startup, recently secured $100 million in funding from an undisclosed Chinese automaker to accelerate the adoption of its assisted driving systems.
DeepRoute.ai plans to explore global robotaxi opportunities and collaborate with more automakers as part of its growth strategy, with anticipated expansion into Europe, Southeast Asia, and the Middle East by 2027.
Initially focused on Level 4 robotaxi development, the company shifted its strategy in 2022 to concentrate on Level 2+ and Level 3 autonomous technologies.
This investment positions DeepRoute.ai to enhance competition against Tesla, particularly in the rapidly evolving Chinese market.
Speculation suggests that Great Wall Motor, a leading Chinese automaker, may be the unnamed backer of this funding round.
Founded in 2019, DeepRoute.ai has established itself as a leader in smart driving solutions, with offices in Beijing and Fremont, California.
The firm operates on a technology licensing model, charging automakers per vehicle, which will generate revenue and aid in data collection to enhance its AI capabilities.
DeepRoute.ai's strategy includes avoiding costly mapping technologies, which could enhance the affordability of its EVs in price-sensitive markets.
Summary based on 8 sources
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Sources
TechCrunch • Nov 4, 2024
DeepRoute raises $100M in push to beat Tesla’s FSD in China | TechCrunchTechCrunch • Nov 5, 2024
DeepRoute raises $100M in push to beat Tesla’s FSD in China | TechCrunchSouth China Morning Post • Nov 4, 2024
China’s DeepRoute.ai raises US$100 million to accelerate self-driving techGlobal Times • Nov 5, 2024
Ambitious Chinese startups ready to challenge Tesla in domestic auto-pilot market