Chinese autonomous truck startup Inceptio Technology raises $120m to accelerate volume production

Chinese autonomous truck startup Inceptio Technology raises $120m to accelerate volume production

Published: 16-11-2020 13:24:00 | By: Pie Kamau | hits: 5886 | Tags:

Inceptio Technology, an autonomous truck company, announced a $120 million funding led by Contemporary Amperex Technology, developer and manufacturer of lithium-ion batteries. Inceptio's key strategic investors GLP, G7, and NIO Capital also participated in this latest round. This funding is the second successful capital raising in six months since the last announcement of $100 million in April.

The funding helps Inceptio Technology accelerate in the volume production and commercialization of Level 3 autonomous heavy-duty trucks and extend its lead in the Chinese autonomous driving truck industry.

Inceptio Technology is working relentlessly with its strategic investors and partners towards a common vision of building the "Autonomous Driving + Clean Energy + Asset Service" and the next generation of TaaS (Transportation as a Service) network.

Founded in April 2018, Inceptio Technology grows rapidly with its focus on the transformation of line-haul logistics with its unique "Technology + Operations" business model. The company partners with Dongfeng Commercial Vehicles and SINOTRUK in the development of Level 3 Autonomous Truck, the volume production is expected by the end of 2021, the earliest in the world. The company has also started building its commercial network with over 100 logistics clients signed to date. Inceptio Technology's self-developed full-stack autonomous driving system boasts the world's most advanced ultra-long-range 3D perception capability. Its on-board computing platform features 245 terra operations per second (TOPS), leading in functional safety design and is the first to support homegrown AI chips.

Julian Ma, Founder & CEO, Inceptio Technology: "Inceptio Technology's growth rides on China's rapidly-growing economy and fast development of the industry. Inceptio Technology will concentrate on the trillion-RMB line-haul logistics market and we strive to take the world leading position in the production and commercialization of Level 3 Autonomous Driving Trucks. We have made the right strategic choice to be the first to commercialize Level 3 trucks, and we made a firm commitment to develop our proprietary full-stack autonomous driving system. We appreciate all of our investors for their confidence and support in the team. Inceptio Technology will work closely with our industrial partners to build a nation-wide autonomous trucking network, and to make logistics graceful through technology!"