DOMESTIC ride-hailing firm Didi Chuxing Technology Co. said Thursday that it has raised US$4 billion in funds earmarked for expansion overseas and into areas such as artificial intelligence (AI), as it looks to challenge Uber Technologies Inc.

The fundraising values Didi at more than US$50 billion and involved Abu Dhabi state fund Mubadala Capital, sources familiar with the deal said. Mubadala did not respond to a request for comment.

Existing investor SoftBank Group also participated in the latest funding, a spokesman for the Japanese firm confirmed, declining to specify the size of its investment.

“With a substantial cash reserve, Didi plans to scale up investments in AI talent and technologies,” Didi said in a statement. The funds would also help Didi “bring more innovative and diversified transportation services to broader communities around the world.”

Didi has expanded overseas rapidly in the past year since sealing its dominance in China with the purchase of Uber’s local business in 2016, ending a cash-burning subsidy war that cost the U.S. firm roughly US$2 billion. (SD-Agencies)