China's commercial vehicle intelligent driving developer Soterea lands RMB1.3 billion in B round

Beijing (Gasgoo)- On March 28th, China’s commercial vehicle intelligent driving developer, Soterea, announced the completion of its Series B investment round, raising over RMB1.3 billion ($204.1 million). 

Photo credit: Soterea

The financing round was led by Ping’an Capital and participated by its existing shareholder SK China, and other organizations. The Series B investment round has successfully brought up Soterea’s valuation to nearly ten billion RMB ($1.57 billion), leading the local intelligent driving industry. Additionally, Soterea was granted a line of credit worth RMB2 billion ($313.96 million) from China Merchant Bank (CMB), and CMB Financial Leasing. 

The funds will help Soterea expand its market share, product lineup, and improve its technology development. The company will continue enforcing its “technology+insurance” business pattern and accelerate the commercialization of its commercial vehicle active safety and intelligent driving technologies. 

Founded in 2014, Soterea positioned itself as a progressive intelligent driving enterprise. The company has achieved major breakthroughs in active safety, intelligent assistant driving, intelligent steer-by-wire chassis, AI, and cloud computing territories. 

The company cuts into the commercial vehicle intelligence market by focusing on the active safety rate. Specifically, the company’s technology helps logistics enterprises lower their cost while lifting their efficiency, and cutting down insurance compensation. 

Up to now, Soterea has formed strategic partnerships with multiple leading insurance moguls and logistics giants, including Munich Re Group, PICC, CPIC, SF, and Chiwan Oriental Logistics.