August 3, 2021
China’s Inceptio Technology has announced the closing of a $270 million Series B equity financing round. The closing of the round will allow the company to accelerate the development of its self-developed, full-stack autonomous driving system known as “Xuanyuan” as well as speed up deployment in electrification.
Since 2019, Inceptio Technology and China’s leading OEMs have jointly developed a line of mass-produced, autonomous driving, heavy-duty trucks. The collaboration followed a rigorous forward vehicle development process and pioneered several industry firsts in the autonomous driving field, the company said. The company added that its autonomous driving freight network has been embraced by several top tier shippers and fleets in China.
The latest funding round was jointly led by JD Logistics, Meituan, and PAG. Deppon Express, IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads, and Broad Vision Funds also participated in the round, as well as existing shareholders GLP Hidden Hill Capital, CATL, NIO Capital and Eastern Bell Capital.
For more details on the company and its technology, visit the Inceptio website.