Shanghai Zufu Intelligent Technology Co., Ltd., the robotaxi arm of Chinese mobility service provider Hello, has completed a new financing round of approximately $100 million. The round was led by Shanghai SSCI Leading Private Equity Fund Management, a unit of Shanghai State-owned Capital Investment, with participation from Minhang Financial Investment and China Creation Ventures. The company's post-money valuation now stands at close to $3 billion, according to a September 16 announcement.
Funding Round and Strategic Investors
The new financing brings together state-linked and private venture investors to support the company's next phase of growth. Shanghai SSCI Leading Private Equity Fund Management, a unit of Shanghai State-owned Capital Investment, led the round, while Minhang Financial Investment and China Creation Ventures also participated. The funding follows an earlier strategic investment from Alibaba Group Holding in September last year.
Use of Proceeds and Technology Goals
Zaofu plans to use the proceeds to build a 10,000-graphics processing unit computing cluster and strengthen its artificial intelligence capabilities. The company will also advance end-to-end AI models and build a high-quality data supply chain. These investments are intended to accelerate the development and large-scale commercialization of Level 4 autonomous driving technology.
Origins and Shareholder Structure
Shanghai Zufu Intelligent was established in June 2025 by Hello, Ant Group, and Contemporary Amperex Technology, also known as CATL. The three companies created the venture to focus on L4 autonomous driving research, safe application, and commercial deployment. Since then, the unit has attracted strategic investment from Alibaba Group Holding, broadening its shareholder base and adding e-commerce and technology expertise.
Production Milestone for HR1
The company's first mass-produced L4 robotaxi model, the HR1, also known as Hello Robot1, entered production in July. More than 100 units have already rolled off the production line, according to company disclosures made on September 16. This milestone demonstrates the company's transition from development toward at-scale manufacturing readiness for autonomous vehicles.
Testing Qualifications and City Expansion
Zaofu has obtained robotaxi testing qualifications in Guangzhou and Changzhou and is actively expanding into more key cities, including Hong Kong. The company aims to deploy more than 50,000 robotaxis by next year as it scales commercialization. These expansion efforts are intended to position the company in major urban mobility markets.
Policy Environment and Industry Outlook
China has called for the large-scale adoption of autonomous vehicles during its 15th Five-Year Plan period, which runs from 2026 to 2030. Zaofu interprets this as a signal that the robotaxi industry is moving beyond small-scale pilot programs toward large-scale commercial deployment. The shift could reshape both the intelligent vehicle and mobility service industries in the coming years.
Parent Company and User Base
Hello was founded in 2016 as a bike-sharing company and has since expanded into ride-sharing, car rental, and battery swapping. The company reports more than 800 million registered users across its mobility services platform. This large user base could serve as an important foundation for robotaxi adoption and market entry.
The latest funding round gives Zaofu additional resources to build critical AI infrastructure and pursue its ambitious deployment targets. With production underway, testing qualifications secured, and supportive policy signals in China, the company is moving toward large-scale commercialization. Its ability to leverage Hello's existing mobility ecosystem may prove important as competition in the robotaxi industry intensifies.