Didi Chuxing raises $5.5 B with valuation higher than Xiaomi’s

China ‘s largest taxi dispatch application Didi Chuxing confirmed its $ 5.5 billion raise in funding. Didi Chuxing will establish a research institute in Silicon Valley as a global base to recruit new talents and push for innovations in areas such as AI powered self-driving technology.

Major investors included Softbank and China Commercial Bank, along with new investors such as US-based private equity firm Silver Lake Partners. Through this investment, it is expected that the valuation of Didi Chuxing will exceed $50 billion, which is same as the valuation of Alibaba’s financial affiliate and WeChat operator Ant Financial and higher than Xiaomi’s $45 billion. Other previous investors include Tencent and Apple. Apple invested $1 billion in May of last year.

In the meantime, Apple has invested heavily in evaluating the possibility of utilizing the Big Data algorithm, which is currently being developed by Didi Chuxing to analyze the traffic flow to bring innovation in the transportation sector.

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Tokyo born Korean, studied Electrical and Computer Engineering at Carnegie Mellon University with personal interests in technology entrepreneurship and photography. International travel enthusiast. Currently a software engineer at AWS Internet of Things.

You can reach me at baekkyoum.kim@techforkorea.com or linkedin.com/in/baekkyoumkim

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