Inceptio Technology completes US$270 million in financing, led by JD, Meituan, and PAG
August 3rd, 2021 – Inceptio Technology, an autonomous driving truck technology and operating company, announced the closing of a US$270 million Series B equity financing. This round of financing was jointly led by JD Logistics (02618.HK), Meituan (03690.HK), and PAG. Deppon Express (603056.SH), IDG Capital, CMB International, CS Capital, Mirae Asset, Eight Roads, and Broad Vision Funds also participated in the investment, and the existing shareholders GLP Hidden Hill Capital, CATL (300750.SZ), NIO Capital and Eastern Bell Capital actively followed.
The successful closing of the Series B will allow Inceptio Technology to accelerate the development of its self-developed full-stack autonomous driving system “Xuanyuan”, and speed up its deployment in electrification. Since 2019, Inceptio Technology and China's leading OEMs have jointly developed a line of mass-produced, autonomous driving, heavy-duty trucks. This collaboration followed a rigorous forward vehicle development process and pioneered a number of industry firsts in the field of autonomous driving. The autonomous driving freight network built by Inceptio Technology has been embraced by a number of top tier shippers and fleets in China.