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Didi Chuxing nets US$5.5 billion investment for AR technologies

CHINA'S leading ride-hailing application Didi Chuxing said it has completed a US$5.5 billion financing to replenish its investment in artificial intelligence technologies.

The funding round has drawn investors including Japan's Softbank Group Corp, private equity firm Silver Lake, China Merchants Bank and Bank of Communications, according to Reuters.

The capital injection will be used to support its development for new technologies as well as globalization initiatives, according to an email statement today.

With the launch of DiDi Labs in Mountain View in California earlier this year, the company continues to attract the industry’s top minds and explore investment opportunities in core technology areas.

The financing follows a massive US$4.5 billion equity funding in June last year from Apple, China Life, Ant Financial, as well as returning investors Tencent, Alibaba, China Merchants Bank and SoftBank.

The car-hailing application, which was formed through the combination of Didi and smaller rival Kuaidi in early 2014, also acquired Uber's China operations last year. It received support from China's two Internet giants Alibaba Group and Tencent Holdings Ltd.

Didi invested in Brazilian ride-hailing service 99 in January, and has teamed up with a number of online mobility companies in southeast Asia as well as car rental company Avis after regulatory draft rules introduced at the end of last year reduced the number of drivers and vehicles available for riders.



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