Uisee, a Chinese autonomous mobility startup, has announced a $155 million funding round, as China continues to dominate emerging markets for self-driving and new-energy vehicles (NEVs).
In a signal that China’s Communist Party (CCP) plans to expand its own coffers with the spoils of the global car industry, Uisee’s latest backing was led by the simply-named China Development Bank Manufacturing Transformation and Upgrading Fund, an arm of the country’s Ministry of Finance.
The money will help 2016-founded Uisee, headquartered in Beijing with over 300 scientists and engineers across China, roll out its Level-4 autonomous technology—which allows cars to be driven almost entirely human-free—domestically. The company already has a partnership with SAIC-GM-Wuling Automobile, one of China’s largest vehicle manufacturers. It also provides self-driving trailers to Hong Kong’s international airport.
Uisee is one of many mobility tech firms to emerge as key players in the burgeoning market in recent years. Guangzhou’s WeRide, which develops robo-taxis, has announced a $310m Series B round.