WeRide did not disclose its valuation and declined to comment when contacted by CNBC. The Guangzhou-based firm is among a handful of companies in China vying to become a leader in driverless car technology. WeRide focuses on building the technology that enables vehicles to be autonomous rather than actually manufacturing automobiles. WeRide’s funding round follows a cash injection into rival Pony.ai in November which saw the latter’s valuation top $5 billion. Other companies including search giant Baidu, start-up AutoX and ride-hailing firm Didi, are competing in the same space.