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Didi Chuxing raises $4B for AI, global expansion

Chinese ride-hailing service Didi Chuxing Technology Co. Ltd. said it has raised $4 billion in its latest equity funding round.

The Uber Technologies Inc. rival, which is expected to go public in 2018, said that it plans to use the funds to scale up investments in artificial intelligence talent and technologies and build up its intelligent driving and smart transportation capabilities. The company is also looking to use its cash reserve for global business expansion and to take on new business initiatives, including the development of new energy vehicle service networks.

While the Beijing-based company did not reveal details of its investors, The Wall Street Journal reported that Japan's serial tech investor SoftBank Group Corp. and Mubadala Capital, an Abu Dhabi state fund, participated in the investment round.

Didi carries a valuation of more than $50 billion, according to the report.