Autonomous Truck Company Inceptio Technology Completes B Round Financing of $270 Million
On August 3, Inceptio Technology, a leading autonomous truck company, announced it has completed a B round of financing worth $270 million. The round was led by JD.COM, Meituan and PAG, followed by Deppon Express, IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads and BVF and its original shareholders including GLP, CATL, NIO Capital and Eastern Bell Capital.
According to Inceptio Technology, this round of financing will be used for the mass production of its proprietary full-stack autonomous driving system “XUANYUAN” and the company will further accelerate its electrification layout.
Xu Zhan, the Managing Partner of PAG’s Growth Fund, said they believe that autonomous truck driving technology can improve drivers’ driving experience and safety, while significantly stepping up logistics efficiency and reducing energy consumption.
Inceptio Technology focuses on L3 and L4 level autonomous driving logistics operations on intercity open roads, providing various models of autonomous driving transportation asset services, and is dedicated to improving the driving safety of logistics trucks.
SEE ALSO: Alibaba to Develop Self-Driving Trucks, Eyeing Next Potential Hot Spot in China’s Tech Sector
According to a report released by AskCI, the market size of the autonomous driving industry will exceed 235 billion yuan in 2021. Alibaba announced in June it would develop driverless trucks with its logistics department Cainiao. Meanwhile, another Chinese autonomous truck driving company raised $220 million in a new round of financing led by FountainVest Partners and ClearVue Partners in April.
Up to now, the firm has completed three rounds of financing, with investors including JD.COM, Meituan, PAGand Deppon Express joining in.