China’s new energy truck startup DeepWay bags 460 million yuan in Series A round

Shanghai (Gasgoo)- Chinese new energy truck startup DeepWay announced today via its WeChat account it had raised 460 million yuan ($67.137 million) in its Series A financing round.

The fresh round was led by Qiming Venture Partners and also attracted such investors as Lenovo Capital and Incubator Group, VLIGHT CAPITAL, CCB Trust, TH EDU Capital, EMPOWTECH CAPITAL, BOCOM International, and HUAGAI CAPITAL.

China International Capital Corporation Limited (“CICC”) served as the exclusive financial consultant to the newly-closed round.

Photo credit: DeepWay

Supported by the capital freshly raised, DeepWay will continue to bolster its R&D and manufacturing of intelligent new energy trucks, promote the iteration and improvement of autonomous driving technologies applicable to high-speed trucking scenarios, and deepen its industrial deployment of intelligent software and hardware, so as to boost the commercialization of autonomous driving technologies and vehicles.

According to DeepWay's press release, it has obtained strong support from two founding shareholders in its development of core capabilities. To be specific, Baidu endows the truck startup with a full-stack autonomous driving technology R&D capability through white-box authorization, while China's leading trunk line logistics service provider, Lionbridge, assists the company with truck definition, application scenarios, as well as data accumulation.

The startup said its first vehicle model, the DeepWay · Shenxiang Xingchen, has got a white-in-body rolling off line. It plans to put the model into trial operation on open roads in December 2022.