Inceptio Technology, a Shangai, China-based autonomous truck company, raised US$120m in funding.
The round was led by Contemporary Amperex Technology Co., Limited (CATL) with participation from key strategic investors GLP, G7, and NIO Capital also participated in this latest round.
The company intends to use the funds to accelerate volume production and commercialization of Level 3 autonomous heavy-duty trucks and extend its lead in the Chinese autonomous driving truck industry.
Founded in April 2018 by Julian Ma, CEO, Inceptio Technology focuses on transforming line-haul logistics with its “Technology + Operations” business model. The company partners with Dongfeng Commercial Vehicles and SINOTRUK in the development of Level 3 Autonomous Truck, the volume production is expected by the end of 2021. Inceptio has also started building its commercial network with over 100 logistics clients signed to date. The company’s self-developed full-stack autonomous driving system boasts an advanced ultra-long-range 3D perception capability and its on-board computing platform features 245 terra operations per second (TOPS), leading in functional safety design and is the first to support homegrown AI chips.