Inceptio Technology

Inceptio Technology is a Chinese developer of autonomous driving technologies for heavy-duty trucks. The company partnered with two Chinese OEMs to mass-produce Level 3 autonomous trucks starting in late 2021, and its trucks are operated across a nationwide line-haul logistics network in China by customers including Budweiser, Nestle, JD Logistics, and Deppon Express. In 2022, Inceptio Technology received a permit for testing Level 4 driverless autonomous heavy-duty trucks on public roads.[1] The company is based in Shanghai, China and operates a Silicon Valley R&D center in Fremont, California.

History

Inceptio Technology was founded in 2018 by Julian Ma.

In April 2020, Inceptio Technology raised a $100 million Series A round from logistics firm GLP and fleet management platform G7.[2] Subsequently, the company raised a $120 million venture round led by Chinese electric vehicle battery maker CATL.[3]

In March 2021, the company released the Inceptio Autonomous Driving System "XUANYUAN", a comprehensive proprietary platform geared towards mass production.[4] The XUANYUAN system incorporates algorithms, Ultra Long Range Sensing (ULRS), and High Precision Lateral Sensing (HPLS) to identify vehicles in its vicinity and maneuver through traffic.[5] At the time, the company also announced it would commence mass production by the end of 2021.[4] In August 2021, Inceptio Technology raised $270 million in a Series B round led by JD Logistics, Meituan, and private equity firm PAG.[6] In February 2022, the company raised $188 million in a Series B+ round led by Sequoia Capital China and Legend Capital.[7]

In December 2021, Inceptio Technology completed its inaugural Level 4 (L4) automated truck road test, operating without a driver on a closed highway.[8] In June 2022, Inceptio Technology became the first company in China to receive a permit from the Chinese government to test L4 autonomous heavy-duty trucks on public roads.[1]As of 2023, the company claims that 600 trucks use their technology and that it expects the number to quadruple in 2024.[9] On August 31, 2023, the company announced their autonomous trucks have driven over 50 million kilometers without any accidents on China's highways.[10]

Inceptio Technology raised $678 million over six funding rounds, with the most recent being a Series B+ round on February 28, 2022.[9]

Partnerships and customers

Operations

Inceptio Technology is headquartered in Shanghai, and the company has a Silicon Valley R&D center in Fremont, California.[9] It is led by founder & CEO Julian Ma.[9] Its chief technology officer is Ruigang Yang.[18]

In August 2023, Inceptio Technology announced it had achieved 50 million kilometers of commercial operations, and confirmed that its autonomous driving features are available on 100% of China's National Trunk Highway System. Inceptio Technology claims that over its first 50 million kilometers of L3 autonomous driving, its partners have achieved labor cost savings of 20-50% and fuel savings of 2-10%.[19]

Based on Inceptio Technology's first full year of commercial operations, China Pacific Insurance Company published a study claiming that Inceptio trucks had recorded zero accidents and registered just 0.1 collision warnings per 100 kilometers, which is 98% fewer than the average for human-operated trucks. Inceptio Technology also published a study claiming human safety operators in Inceptio trucks experience 35% less physical fatigue and 11% less psychological fatigue compared to conventional truck drivers.[19]

External links