Shanghai (ZXZC)- Inceptio Technology, a Chinese autonomous trucking startup focusing on line-haul freight shipping, announced on Tuesday it has raised $270 million in a Series B equity financing, which was jointly led by JD Logistics, Meituan, and PAG.

Photo credit: Inceptio Technology

The newly-closed funding round also attracted such companies as Deppon Express, IDG Capital, CMB International, SDIC, Mirae Asset, Eight Roads, and Broad Vision Funds. The existing shareholders like GLP Hidden Hill Capital, CATL, NIO Capital and Eastern Bell Capital still participated in the investment.

Through the completion of the Series B, Inceptio Technology will strengthen the investment in the development of its in-house developed full-stack autonomous driving system “Xuanyuan”, and expedite its deployment in electrification.

Since 2019, the startup and many Chinese OEMs have co-developed a line of mass-produced self-driving heavy-duty trucks, said the company. The autonomous driving freight network built by Inceptio Technology has been embraced by a slew of leading shippers and fleets in China.

Launched on March 10, 2021, the “Xuanyuan” system will be deployed on two Level 3 autonomous heavy-duty trucks the startup jointly developed with Dongfeng Trucks and Sinotruck, and is expected for mass production and delivery at the end of 2021. Through OTA (over-the-air) upgrade, the system will help the trucks advance into Level 4 in the future.