China`s ride-hailing company Didi Chuxing reportedly said that it has raised $4 billion in financing for artificial intelligence and its international expansion
China`s ride-hailing company Didi Chuxing reportedly said that it has raised $4 billion in financing to expand internationally.
The company has previously received $13 billion from big investors such as Alibaba, Tencent, and Apple. As for the new funding round, Didi Chuxing stated the money will be used for projects using artificial intelligence (AI) technology, green initiatives, and the company`s international expansion.
“We will also embark on initiatives in building new energy vehicle service networks, as part of the company’s efforts to lead the transformation of automobile and transportation industries and work towards global energy interconnection.“, according to Didi Chuxing`s press release.
Didi has previously announced it is buying Uber`s business in China. According to Tech Crunch`s report at the time, the two companies would keep having different brands, app, and business operations. Uber would be given a 5.89 percent stake in the newly merged entity, with a preferential equity that would account for 17.7 percent economic interest in Didi Chuxing.
The new investment is reportedly giving Didi a valuation of $56 billion, which is a jump on the $50 billion valuation in April, as the online media wrote. The company has invested a lot in AI for its services. Earlier this year, they opened an AI research lab in the US in an effort to attract Chinese talent in the field.
Didi is currently a China-only business despite the fact that it has expanded its network globally through investments in companies that compete with Uber across the world. There are rumors about a possible physical expansion to Mexico and Taiwan, especially in light of the new financing. Didi Chuxing has not officially confirmed it yet.