China-based autonomous driving technology developer Inceptio Technology has raised $100m in series A funding from investors including logistics property operator GLP and fleet telematics software provider G7, Reuters reported today.
The corporates, which founded Inceptio in April 2018 with electric vehicle producer Nio’s investment arm, Nio Capital, were joined by undisclosed other investors according to two sources familiar with the matter.
Founded in April 2018, Inceptio is working on software that will facilitate self-driving trucks intended to form the basis of a logistics network that will stretch across the country. Its big data software will also match available drivers and freight with individual trucks to enhance fuel and load efficiency.
The company aims to initially release systems with level 3 autonomous driving technology that enable drivers not to watch the road, before upgrading to level 4 systems that do not require manual drivers for normal operation.
Inceptio is working with original equipment manufacturers with a view to integrating its technology into their vehicles. Its partners so far include commercial vehicle manufacturers Dongfeng Automobile, Sinotruk Hong Kong and Foton.
The series A funding will be channelled into further development of the company’s technology in addition to the first commercial trials of its products, the sources told Reuters.
