Chinese autonomous truck startup Inceptio raises $120m from CATL, others

Photo: Reuters

China’s Inceptio Technology, a startup developing self-driving trucks, said on Monday it has raised $120 million in its latest funding led by top Chinese electric vehicle battery maker CATL.

The funding comes six months after a $100 million funding in April. Logistics firm GLP, Inceptio’s key strategic investor G7 and Nio Capital also invested in the new funding, Inceptio said in a statement. It did not disclose its valuation.

CATL, which supplies Volkswagen and Tesla, is working with truck makers to develop a business model for electric trucks using its battery-swapping technologies.

Inceptio is now focusing on level 3 autonomous technologies, which refer to drivers being able to turn their attention away from driving tasks but still requires them to respond immediately in some scenarios. It has partnerships with Dongfeng Motor and Sinotruk Hong Kong Ltd.

The truck manufacturing industry is expected to be an earlier adopter of autonomous driving technology than passenger vehicle manufacturing as driving on motorways is more predictable than on busy city streets.

In China, the world’s biggest auto market, Inceptio faces competition from TuSimple, which has a partnership with Volkswagen’s Traton commercial truck unit, and Toyota-backed Pony.ai, which is developing autonomous trucks with FAW.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.