Inceptio Technology, a Chinese autonomous trucking start-up, announced on Monday it has raised 120 million U.S. dollars in its latest funding following a 100-million-USD funding in April.
The funding was led by China's electric vehicle battery giant CATL. Inceptio's existing investors including global logistics solutions provider GLP, Chinese IoT tech firm G7 and Nio Capital, were among the participants.
After the new funding, Inceptio will speed up the mass production and commercial operation of Level 3 autonomous trucks, with a vision to build a new generation of TaaS (Transportation as a Service) freight transport network, the company said.
Julian Ma, Inceptio's founder and CEO, said the company's rapid growth benefits from the sustainable development of China's economy.
Inceptio will invest more in independent R&D of full-stack technology in autonomous driving and build a nationwide freight robot network, Ma added.
Founded in 2018, Inceptio focuses on the trunk line freight market. Its Level 3 self-driving trucks, co-developed with Chinese truck makers Dongfeng Commercial Vehicle and Sinotruk, are scheduled for delivery at the end of 2021. Enditem