Inceptio Technology, an autonomous driving truck technology and operation company (earlier post), closed a US$188-million Series B+ equity financing. This round of financing was jointly led by Sequoia Capital China and Legend Capital. Co-investors include Chow Tai Fook Enterprises Limited, Cedarlake Capital, supply chain solution & finance provider Wuchan Zhongda Group, and an international equity fund. Existing investors Meituan, NIO Capital, Eight Roads, Broad Vision Funds, etc. also participated.
The successful closing of the Series B will allow Inceptio Technology to further accelerate the development of its self-developed full-stack autonomous driving system Xuanyuan (轩辕), introduce more mass-produced autonomous driving truck models to the market and speed up in electrification. (Xuan Yuan was the given name of Huangdi, the legendary Yellow Emperor.)
At the end of 2021, Inceptio Technology and China’s leading OEM started mass production of L3 autonomous driving heavy-duty trucks after three years of development. The L3 trucks have all been deployed to daily commercial operation on line-haul freight routes across China . The commercial operation has validated the cost advantage of Inceptio’s L3 trucks and is rapidly scaling up .
Legend Capital has extensive investments in the field of autonomous driving as well as logistics and supply chain. Following its investments in autonomous driving of passenger vehicles, Legend Capital chooses the self-driving truck developer Inceptio Technology and is very optimistic about its ‘technology + operation’ development strategy. We think highly of Inceptio Technology’s excellent execution and will continue to mobilize industrial resources to promote its innovation and growth. It is believed that Inceptio Technology will become a pioneer with great influence in the industry.—Lawrence Xue, Managing Director of Legend Capital
With the L3 autonomous trucks rolling off the line, we have started a new chapter. We will stick to full-stack independent development and mass-production-driven in our system, to promote the large-scale growth of autonomous freight and to create more value to our customers. Inceptio Technology has confidence to form the data scale as well as technological advantages required for unmanned operation in the coming days and realize our vision of building a nationwide autonomous trucking network in logistics industry.—Julian Ma, the Founder and CEO of Inceptio Technology