Inceptio Technology, a Shangai, China-based autonomous driving truck technology and operating company, closed a US$270m Series B equity financing.
The round was led by JD Logistics (02618.HK), Meituan (03690.HK), and PAG with participation from Deppon Express (603056.SH), IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads, and Broad Vision Funds, as well as existing shareholders GLP Hidden Hill Capital, CATL (300750.SZ), NIO Capital and Eastern Bell Capital.
The company intends to use the funds to accelerate the development of its self-developed full-stack autonomous driving system “Xuanyuan”, and speed up its deployment in electrification.
Since 2019, Inceptio Technology and Chinese OEMs have jointly developed a line of mass-produced, autonomous driving, heavy-duty trucks. The autonomous driving freight network built by Inceptio Technology has been used by a number of top tier shippers and fleets in China.