HONG KONG, Mar 3, 2022 - (ACN Newswire) - On 28 February 2022, Inceptio Technology, an autonomous driving truck technology and operation company, announced its completion of a US$188 million Series B+ equity financing, jointly led by Legend Capital.
The successful closing of the fund is expected to be used for the development of Inceptio Technology's self-developed full-stack autonomous driving system "Xuanyuan", as well as mass production of trunks with Inceptio Technology's joint partners, which will help Inceptio Technology to accelerate its layout in electrification. In the end of 2021, Inceptio Technology has realized the front-loading mass production of Level 3 (L3) autonomous driving trunks, with the cooperation with OEM partners. In addition, Inceptio Technology has deployed daily commercial operations on a range of routes with many top industry shippers. The commercial operation has validated the cost advantage of Inceptio Technology's L3 trucks and is rapidly scaling up.
Lawrence Xue, the Managing Director of Legend Capital, said: "Legend Capital has extensive investments in the field of autonomous driving as well as logistics and supply chain. Following its investments in autonomous driving of passenger vehicles, Legend Capital chooses the self-driving truck developer Inceptio Technology and is very optimistic about its 'technology + operation' development strategy. We think highly of Inceptio Technology's excellent execution and will continue to mobilize industrial resources to promote its innovation and growth. It is believed that Inceptio Technology will become a pioneer with great influence in the industry."
Julian Ma, the Founder and CEO of Inceptio Technology, said: "Thanks to the shareholders' confidence and long-term support to Inceptio Technology! With the L3 autonomous trucks rolling off the line, we have started a new chapter. We will stick to full-stack independent development and mass-production-driven in our system, to promote the large-scale growth of autonomous freight and to create more value to our customers. Inceptio Technology has confidence to form the data scale as well as technological advantages required for unmanned operation in the coming days and realize our vision of building a nationwide autonomous trucking network in logistics industry."
Autonomous driving is one of Legend Capital's main investment directions on intelligent and unmanned vehicles. In addition to Inceptio Technology, Legend Capital has also invested in the autonomous driving AI chip company Horizon Robotics, the millimeter-wave radar company Muniu Technology, the autonomous vehicle technology company Pony.ai and the ADAS solution provider Zongmu Technology. In addition, Legend Capital's SL Capital also invested in Black Sesame, a visual perception and autonomous driving IP company.
Topic: Press release summary
Source: Legend Capital
Sectors: Daily Finance, Automotive, PE, VC & Alternatives
From the Asia Corporate News Network
Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.