China-based robotruck firm Inceptio announced that it had completed a $270 million Series B transaction. JD Logistics, Meituan, and PAG arranged the financing round. Two Chinese tech giants joining the same financing round is uncommon and demonstrates that they consider Inceptio, a vital participant in the market.
Showing the fundraising round is JD Logistics, the delivery section of online retailer JD, life services forum Meituan, and personal equity company PAG. Inceptio reported that Deppon, an express delivery business, and IDG Capital are different investors. The investors didn’t produce a corporate valuation.
Utilizing New Fund
Based on the release, the Shanghai-based robotruck business would utilize the fresh capital to speed up acquisitions in electric vehicles and increase internal research on self-driving systems. JD and Meituan have invested in driverless technology, although this field has advanced more slowly than many anticipated.
Concerning its self-driving truck initiative, JD appears to be running late. Midway through 2018, JD offered a model of a highly independent truck in Beijing, and according to the references, the company predicted its testing fleet to begin operating commercially in 2020. But the business hasn’t created any new information public.
Investment in Autonomous vehicle
Meituan has also been producing investments in independent vehicles for a while. The business invested in Li Auto, a startup that is making electric automobiles, and Haomo.ai, a company that is creating automated driving systems for passenger cars. JD and Meituan have invested in driverless technology, although this development has lagged behind expectations.
About its self-driving truck initiative, JD looks to be running late. By year-end, two self-driving truck categories will be mass-produced, according to a March report from Inceptio. Dongfeng and Sinotruk, two Chinese automakers, will jointly create the models.
Inceptio increased $220 million in Series A funding in November. Battery juggernaut CATL, logistics company GLP, and Nio Capital, a company partially established by electric automobile manufacturer Nio, are among the investors.
Since its facility in 2018, Inceptio has increased by almost $490 million. In April 2020, it raised $100 million in Series A financing and another $100 million in November 2020. Meituan, JD Logistics, and PAG Deppon Express grabbed the lead in the Series B round.
Levels of Automobiles
Along with present shareholders GLP Hidden Hill Capital, CATL, NIO Capital, and Eastern Bell Capital, different investors included IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads, and Broad Vision Funds. Inceptio is now utilizing Level 3 autonomous heavy-duty vehicles to deploy its technologies.
The six-level evaluation of autonomous driving ability by the Society of Automotive Engineers (SAE) International has been revised. Although Level 3 cars can notice their surroundings and make some findings, a human driver is still required. Multiple elite Chinese shippers and fleets have assumed the autonomous driving freight network formed by Inceptio Technology.
The first A-sample certification for Level 3 autonomous trucks was provided to Inceptio in China. It acquired approval for the A-sample from Dongfeng Commercial Vehicle Co.
According to Inceptio, the confirmation “marks a substantial step forward in the volume manufacturing of L3 independent trucks and is a crucial milestone of productization in China’s independent driving industry.” By the end of 2021, Inceptio seeks to start producing independent trucks, according to earlier reports.
According to its end-to-end enterprise model, the business plans to start running a trucking network with its technology in 2022. At least three companies that operate independent trucks are unleashing their technology.
In May 2021, Plus announced it would go public through a $3.3 billion SPAC with Hennessy Capital Investment Corp. Embark Trucks is also running public via SPAC in a $5.2 billion coalition with Northern Genesis Acquisition Corp. that is launched to be finished in the second half of 2021.