Chinese self-driving truck startup Inceptio raises $100m from GLP, others

Photo: Reuters

China’s Inceptio Technology, a startup developing self-driving trucks, has raised $100 million in its latest funding round from logistics firm GLP, its key strategic investor G7 and other investors, two sources familiar with the matter told Reuters.

The proceeds from its series A funding round will be used to further develop its technologies and to start commercial trials, said the sources, who declined to be named as they were not authorised to speak to media.

The company, which aims to operate a freight network with autonomous driving trucks in China from 2022, has partnerships with Dongfeng Automobile Co Ltd, Sinotruk Hong Kong Ltd and Foton.

The two-year-old firm is developing autonomous driving software and an in-car computing system while the truckmakers are responsible for the vehicles’ platforms.

Inceptio declined to comment. G7 and Singapore-based GLP did not immediately respond to requests for comment.

Inceptio focuses on level 3 and 4 technologies. A level 3 vehicle will enable drivers to turn their attention away from driving but they still need to take over if the car encounters a problem, while with level 4 technologies, there is no human intervention in most circumstances.

The trucking industry is expected to an earlier adopter of autonomous driving technology compared to passenger vehicle makers as driving on highways is more predictable than on busy city streets.

German automaker Daimler and U.S. postal giant United Parcel Service Inc have invested in self-driving trucks.

Reuters

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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.