China-based autonomous driving technology developer Inceptio Technology has secured $270m in a series B round co-led by JD Logistics, the logistics services subsidiary of e-commerce firm JD.com and local services platform Meituan.
The round was co-led with investment firm PAG and included logistics service provider Deppon Express, electric vehicle battery producer Contemporary Amperex Technology (CATL), logistics infrastructure operator GLP and electric vehicle maker Nio, the last two through Hidden Hill Capital and Nio Capital.
Eight Roads Ventures, part of investment and financial services group Fidelity, also took part, as did financial services firm China Merchants Bank’s CMB International subsidiary, financial services provider Mirae Asset, Eastern Bell Capital, State Development and Investment Corporation, IDG Capital and Everbright Group’s Broad Vision Funds.
Founded in 2018, Inceptio is the developer of Xuanyuan, an autonomous driving system for heavy-duty trucks. Its technology includes algorithms for long-range sensing, improved control, safety and fuel efficiency.
The software has been developed in partnership with automotive manufacturers and used by a number of shippers and fleets across China. The funding will accelerate the development of Inceptio’s full-stack autonomous driving system and its deployment in electrification.
Inceptio secured $100m in an April 2020 series A round backed by investors including GLP and fleet telematics software provider G7. It subsequently collected $120m in a November round led by CATL with contributions from Nio Capital, GLP and G7, and named Eastern Bell as an existing investor last week.