Inceptio Technology, which is developing an automated freight network, said on Monday that it raised USD 270 million in its latest funding round led by JD Logistics and the investment arm of Meituan. Inceptio will use the funds to invest in its autonomous driving system and mass-produce new autonomous truck models later this year.
JD Logistics is exploring the possibility of upgrading its system, while Meituan is examining the potential of unmanned delivery vehicles. Inceptio’s technology may fit into these plans.
Inceptio did not disclose its current valuation.
This new funding comes almost one year after Inceptio raised USD 120 million in September 2020. Electric vehicle battery maker CATL was the key strategic investor as well as a co-developer of the battery-swapping feature of Inceptio’s trucks.
The new funds will be used for R&D related to its proprietary Xuanyuan autonomous driving system, said Inceptio. The company will also partner with Dongfeng Motor and Sinotruk to develop two lines of trucks that are preloaded with Xuanyuan. These new models are expected to be put into mass production by the end of this year.
The company is mapping out its delivery network, which will cover China’s main transit hubs and tier-two cities, Inceptio told 36Kr.
Despite recent stock market turbulence stemming from a multi-pronged crackdown on tech companies in China, investors remain confident in companies that develop solutions for autonomous driving, for now.