China’s autonomous truck solution developer Corage closes new strategic financing round

Beijing (Gasgoo)- Chinese commercial vehicle autonomous driving company Corage announced on March 7 that it has secured strategic investment from Sumitomo Corporation Equity Asia Limited, a strategic investment arm of Sumitomo Corporation. 

Photo credit: Corage

At the same time, Corage also received investment from Ventech China, while existing shareholders Chentao Capital and Japan's PKSHA SPARX Algorithm Fund continued to invest in the company.

Corage completed its angel round of financing with tens of millions of yuan raised in 2022.

Corage was established on December 16, 2021, focusing on commercial vehicle autonomous driving and smart logistics technology. Its founder and CEO Tong Xianqiao and core team members are among the first group of entrepreneurs and technical leaders in China's autonomous driving field. Tong Xianqiao once served as an engineer at Baidu Research USA and was also the founder of Roadstar.  

Currently, Corage has launched L4 new energy commercial vehicle operation projects on freight-dedicated lines in Guangdong, Chongqing, and other places. In addition, the company is also involved in planning and designing the world's first autonomous driving trunkline logistics dedicated road line, from Jiuquan city to Mingshui city in Gansu Province, which is over 430km long.

Corage has designed and developed a low-cost heavy-duty truck autonomous driving solution for the natural environment, logistics demand, and technical requirements of the said highway between Jiuquan and Mingshui. The project is expected to officially begin operation in 2024-2025.