BEIJING — Inceptio Technology, a startup developing self-driving trucks, has raised $100 million in a new round of fundraising from logistics provider GLP, key strategic investor G7 and other investors, two sources familiar with the matter told Reuters.
The proceeds will be used to further develop technologies and to start commercial trials, said the sources, who declined to be named as they were not authorized to speak to media.
The company, which aims to operate a freight network with autonomous driving trucks in China starting in 2022, has partnerships with Dongfeng Automobile Co., Sinotruk Hong Kong and Foton.
The two-year-old company is developing autonomous driving software and an in-vehicle computing system while the truck makers are responsible for engineering vehicles platforms.
Inceptio declined to comment. G7 and Singapore-based GLP did not immediately respond to requests for comment.
Inceptio is focused on developing level 3 and 4 autonomous technologies. A level 3 vehicle will enable drivers to turn their attention away from driving, but they still need to be prepared to take control if a vehicle encounters a problem. With level 4 technology, there is no human intervention in most circumstances.
The trucking industry is expected to be an early adopter of autonomous driving technology compared to passenger vehicle producers, in large part because driving on highways is more predictable than on busy city streets.
German automaker Daimler and U.S. postal giant United Parcel Service Inc. have also invested in self-driving trucks.