Inceptio will invest more in its in-house developed truck self-driving system "Xuanyuan" and launch more production models with industry partners.

(Image credit: Inceptio Technology)

Chinese self-driving truck startup Inceptio Technology, a portfolio company of Nio Capital, today announced the closing of a $188 million Series B+ equity financing round.

The round was co-led by Sequoia Capital China and Legend Capital, with continued participation from existing shareholders, including Nio Capital and Meituan.

With this round of funding, Inceptio will invest more in its in-house developed truck self-driving system "Xuanyuan" and launch more production models with industry partners, Inceptio said.

Since the end of 2021, Inceptio has been working with OEM partners to achieve front-end mass production of L3 self-driving trucks, with regular commercial operations on multiple routes.

Inceptio was founded in April 2018 by IoT platform G7, GLP, and Nio Capital, with a business focus on self-driving logistics operations.

Starting in 2019, Inceptio is jointly developing production models of self-driving heavy trucks with leading Chinese OEMs.

In November 2020, Inceptio announced the closing of a $120 million equity financing led by CATL and followed by original shareholders including GLP, G7, and Nio Capital.

In March 2021, Inceptio launched its autonomous driving system "Xuanyuan". The company has jointly developed two L3 heavy-duty trucks equipped with Xuanyuan with Dongfeng Motor Commercial Vehicle and China National Heavy Duty Truck Group respectively.

Last August, Inceptio announced the closing of a $270 million Series B equity financing round, co-led by JD Logistic, Meituan, and PAG, and followed by Nio Capital, Deppon Express, IDG, CMB International, SDIC, Mirae Asset, Eight Roads, and Bohua Capital followed.