(Yicai) June 23 -- Chinese bike sharing giant Hello has launched a robotaxi company in partnership with its main shareholder Ant Group and battery firm Contemporary Amperex Technology with an initial investment of CNY3 billion (USD417.4 million) to further expand its footprint in travel services.

With a registered capital of CNY1.3 billion (USD180.9 million), Zaofu Intelligent Technology was established in Shanghai today. It will focus on research & development and commercialization of L4 autonomous driving technology.

Hello has been pushing the application of artificial intelligence technology in recent years, and has built up experience that will ease its entry to the robotaxi field, the Shanghai-based firm said in an announcement today. It has recruited people with expertise in AI and autonomous driving, and has set up the core team for the robotaxi business, it added.

Hello, Ant Group and CATL signed a strategic partnership agreement in April this year, with plans to carry out in-depth cooperation in green and intelligent travel, including autonomous driving, a service platform for new energy travel, and a new energy battery aftermarket business.

Ant Group will leverage its technological advantages in AI models, reinforcement learning, embodied intelligence, and experience in security and privacy protection to provide autonomous driving support, while CATL will provide intelligent chassis solutions, Hello said.

Hello started as a bike-sharing business in 2016 but has gradually developed into a more comprehensive travel service platform, offering ride-hailing, car rental and battery swapping. It now has more than 800 million registered users.

Hangzhou-based fintech giant Ant Group has participated in multiple rounds of funding for Hello since 2017 and has become its largest shareholder. According to the prospectus released when Hello applied for an initial public offering in the US in April 2021, Ant held about 36 percent of Hello’s shares at the time. The IPO failed because of regulatory obstacles.

Hello and Fujian province-based CATL have also been working together for years. In June 2019, Hello, Ant Group and CATL jointly invested CNY1 billion (USD139.1 million) to start a business providing battery swap services for electric bicycles.

Editor: Tom Litting