China's giant ride-hailing service Didi just secured $5.5 billion to aid its self-driving efforts and expand overseas by Cate Cadell on Apr 28, 2017, 11:31 AM Advertisement
 China's top ride-hailing service, Didi Chuxing, said on Friday it has raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology. The company will invest in big-data, driving technologies, and smart transport architecture, it said in a statement. Investors include Japan's Softbank Group Corp, private equity firm Silver Lake, China Merchants Bank and Bank of Communications, the people said. A spokeswoman for Didi on Friday declined to comment on which investors participated or on the valuation. Didi is also exploring investment in core technology, it said. The firm led a $100 million investment in Brazilian ride-hailing service 99 in January and opened a research lab in Silicon Valley last month dedicated to artificial intelligence and self-driving-tech related research. Didi CEO Cheng Wei said he was hunting for data scientists in Silicon Valley to develop a self-driving car in an interview with Bloomberg last October. Reuters reported on Thursday that Didi was set to raise between $5 billion and $6 billion. Sources familiar with the deal valued Didi at more than $50 billion. Didi drove Uber out of China when the ride-hailing service was unable to turn a profit in the country. Uber China, a regional subsidiary of the ride-hailing service, merged with Didi in a deal worth $35 billion last August. Apple has invested $1 billion in Didi. (Danielle Muoio contributed to this report.) SEE ALSO: Uber's old rival in China wants to build a self-driving car
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