Qingtian Truck Technology, an automated driving truck company, recently announced the completion of an angel round financing worth nearly $10 million. This round of financing was exclusively led by 5Y Capital. The funds raised in this round will be mainly used to help the company to expand its team and road test its automated driving vehicles.
Founded in November 2021, Qingtian Truck Technology is a startup dedicated to the R&D of automated truck driving technology and transportation logistics. At present, the company has 20 employees, all of whom have extensive experience in automated driving.
The two founders are Pan Zhenhao, the former CTO of Pony.ai’s truck business of, PonyTron, and Sun Youhan, former leader of PonyTron’s planning and control team in the United States. 5Y Capital used to be the leading investor in Pony.ai’s round A of financing.
Pan said that the automated trucking industry is still in the early stages of its development, and that the industry pattern and business models have not been completely resolved. This is where the opportunities for startups, like Qingtian Truck Technology, lie. In the existing logistics industry, a transportation trunk line is often equipped with 2-3 drivers. With the help of an automated driving system, even if only one driver is retained, the business model of automated driving trucks can still fulfill its function. Furthermore, the company’s system is helpful in addressing the pain points of driver fatigue and high labor costs in the industry.
In addition, Pan said that technology R&D, fleet operation management and vehicle accessory mass production are indispensable in the closed-loop business of automated trucks, while the company is experienced in the R&D and operation of automated trucking vehicles.