A 270 million Series B round of funding was received by China-based Inceptio Technology, a developer of autonomous trucking technology. According to Inceptio, the funding will enable it to accelerate the deployment of its full-stack autonomous driving system, known as Xuanyuan, in electrification projects.
At the moment, Inceptio is using its technology on Level 3 autonomous heavy-duty trucks. Changes to the details of SAE International’s six-level classification of autonomous driving capability were recently made public. Level 3 vehicles can recognize their surroundings and make some decisions, but they still need a human driver.
How to Plan and Operate a Trucking Network?
Some high-profile shippers and fleets in China have adopted Inceptio Technology’s autonomous driving freight network. China’s first A-sample validation for Level 3 autonomous trucks was given to Inceptio. The validation, according to Inceptio, is an important step toward productization in China’s autonomous driving industry and a significant step toward the volume production of L3 autonomous trucks. It got Dongfeng Commercial Vehicle Co.’s A-sample approval. In the past, Inceptio said that autonomous trucks would start being made by the end of 2021.
According to its end-to-end business model, the company intends to start running a trucking network with its own technology in 2022. As a minimum three industries that work self-governing trucks are free of their knowledge. It was announced that it would go public through a 3.3 billion SPAC with Hennessy Capital Investment Corp. In March 2021, TuSimple made its public debut on the NASDAQ stock market with a 1.35 billion IPO. Although Embark claimed it is concentrated in the United States, Plus and TuSimple have close ties to China.
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Why do Chinese IT Companies Join the Funding Round?
Two significant Chinese IT companies joining the same financing round is unusual, indicating that they view Inceptio as a key player. JD Logistics, the delivery division of online retailer JD, life services platform Meituan, and private equity company PAG are leading the fundraising round. According to Tuesday’s release inceptio 270m series meituan from additional investors including express delivery company Deppon and IDG Capital. The shareholder didn’t offer a company estimation.
- Since it was established in 2018, Inceptio has raised more than 490 million.
- According to the announcement, the Shanghai-based robotruck start-up will use the new funds to accelerate investments in electric trucks and expand internal research on self-driving systems.
- The Paper reported in Chinese that JD unveiled a highly autonomous truck model in Beijing in the middle of 2018 and anticipated its testing fleet would begin commercial operation in 2020.
- However, the business has yet to provide any updates.
- TechNode did not receive a response from a JD spokesperson regarding the achievement of the target.
By the year’s end, Inceptio said it would mass-produce two models of self-driving trucks. This announcement was made in March. Dongfeng and Sinotruk, two automakers in China, will collaborate on the development of the models.
How does Inceptio Technology Raise Funds?
Chinese courier Deppon Express, battery manufacturer Contemporary Amperex Technology, electric vehicle start-up Nio, and venture capital firm IDG Capital were some of the other participants in the B Series.
According to the report, the raised funds will accelerate Inceptio’s efforts in the electrification sector and spend more money on its own truck autonomous driving system. The strategies business might quickly utilize independent driving advances, said Yu Rui, CEO of JD Coordinated factors.
He continued that the cost and efficiency of transportation will be considerably improved by unmanned vehicles. According to Yu, JD Logistics and Inceptio will collaborate to create cloud platforms, autonomous driving technology, and mid- and long-distance autonomous freight solutions. With Dongfeng Motor and the China National Heavy Duty Truck Group.
California-based Inceptio, which also has a location in Shanghai, has already created three models of heavy-duty trucks capable of Level Three autonomous driving. Before the end of the year, deliveries ought to begin.