Neolix Technologies, a Chinese self-driving logistics vehicle developer, has raises nearly RMB100 million (US$14.54 million) in a series A round of financing from the country’s venture capital firm Yunqi Capital and Glory Ventures.
Founded in 2009, Neolix Technologies develops level 4 self-driving logistics vehicles. The company has launched two vehicle models equipped with automotive-grade chassis and power change system, an artificial intelligence (AI)-enabled internet of vehicles (IoV) platform and modular intelligent cargo compartment.
With an aim to provide "last five miles’ delivering services" to merchants and customers, the Beijing-based company has produced more than 120 self-driving vehicles, with cumulative automatic driving mileage exceeding 500,000 kilometers.
The advantage of Neolix Technologies lies in "having the automotive-grade chassis manufacturing process, years of logistics and transportation experience, research and development capabilities in self-driving and related technologies, and choosing the small commercial vehicle logistics with broad market and better commercialization opportunity," said Chen Yu, managing director of Yunqi Capital.
Proceeds of this round will be used to expand the research and development team, and accelerate the mass production of self-driving vehicles.
The company raised an angel investment from Chinese electric vehicle startup CHJ Automotive and Oriza Yuandian Venture Capital in April 2018, without disclosing financial details.