Yuanrong Qixing Secures $100 Million in Series C1 Funding

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Nov 7, 2024

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https://www.aibase.com/news/13069

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Yuanrong Qixing Secures $100 Million in Series C1 Funding

Yuanrong Qixing, an emerging player in the autonomous driving AI sector, announced the successful completion of a $100 million Series C1 strategic financing round, exclusively invested by Great Wall Motors, a prominent domestic vehicle manufacturer. This funding is intended to bolster the company’s efforts in domestic mass production, expand its overseas business, and provide financial backing for exploring Robotaxi commercial operations, alongside deploying cutting-edge technologies such as the Vision-Language-Action (VLA) model.

During a communication meeting held on November 5, 2024, Zhou Guang, the CEO of Yuanrong Qixing, commented on the evolving landscape of the electric vehicle market. He noted that the first half of the "electrification" era for electric vehicles is nearing completion, indicating that the next five years will be critical for intelligent driving technologies. Zhou emphasized the competitive nature of the autonomous driving industry, predicting that the competition will intensify in the foreseeable future.

Founded as one of the pioneers in integrating AI technology into the autonomous driving field, Yuanrong Qixing aims to produce smart driving vehicles while gathering vast amounts of de-identified data from real-world environments. The company's ultimate goal is to create an "AI brain" that mimics advanced human intelligence, utilizing innovative approaches such as mapless navigation and end-to-end models. This initiative is part of a broader vision to develop a General Artificial Intelligence (AGI) tailored for the physical world, significantly influencing the transformation of the intelligent driving industry.

Currently, Yuanrong Qixing employs over 800 personnel, with more than 80% focused on research and development. To date, the company has completed six rounds of financing, accumulating a total exceeding $500 million. Notable investors include Alibaba, Fosun RZ Capital, Yunqi Partners, and Yaotu Capital.

With the recent $100 million investment, Yuanrong Qixing is poised to concentrate on three primary areas: mass production, the VLA model, and Robotaxi operations. In terms of mass production, the company has successfully integrated its high-level intelligent driving platform, DeepRouteIO, into vehicles, leading to more than 10 mass production projects and the joint production of over 20,000 vehicles with various car manufacturers.

In the realm of VLA models, Yuanrong Qixing stands out as one of the first companies in China to acquire NVIDIA’s Thor chip. The company plans to leverage this technology to advance its VLA model, with expectations for an official launch in 2025.

Regarding Robotaxi operations, Yuanrong Qixing is actively exploring new commercialization routes. The objective is to enable widespread Robotaxi services using mass-produced vehicles based on the end-to-end models. These Robotaxis are designed without geographical restrictions, presenting significant advantages in terms of time efficiency and cost-effectiveness, thereby facilitating the rapid rollout of Robotaxi services.

Yuanrong Qixing’s strategic focus reflects its commitment to innovation and leadership in the autonomous driving landscape, setting the stage for future advancements in intelligent transportation solutions.

Key Points

Yuanrong Qixing has secured $100 million in Series C1 funding from Great Wall Motors.

The company aims to enhance mass production, develop the VLA model, and explore Robotaxi operations.

Yuanrong Qixing is a pioneer in integrating AI technologies in the autonomous driving sector, employing over 800 staff, mainly in R&D.