KargoBot Completes CNY 600 Million Series A Financing

Automotive Author: EqualOcean News Editor: Leci Zhang Jul 01, 2024 04:36 PM (GMT+8)

KargoBot has completed a CNY 600 million Series A funding round, which will be used to advance the unmanned and commercial development of fleet autonomous driving technology.

Automatic trunk Logistics

EqualOcean has learned that on June 28th, "KargoBot (卡尔动力)" announced the completion of a CNY 600 million Series A funding round. Investors include “Ordos State-Owned Asset Investment Holdings Group Co (鄂尔多斯市国投集团),” "Ordos Group (鄂尔多斯集团)," "the Cooperation Funding between CIMC Vehicles and Shenzhen Investment Holding (中集车辆与深投控合作基金)," "Horizon Robotics (地平线)," and other strategic partners. This funding round will be used to develop further KargoBot' goal of achieving autonomous freight transport technology and scalable operational commercialization.

Established in February 2021, KargoBot is an autonomous driving company dedicated to commercializing unmanned freight transport technology. In October 2023, KargoBot transitioned from "Didi’s Self-Driving Freight Business (滴滴自动驾驶创新业务)" to independently operating as a startup. The company focuses on AI breakthroughs and self-developed autonomous truck products, building a full-stack software and hardware system for autonomous trucks. They have pioneered the innovative Hybrid L5 solution, addressing long-tail issues and operational challenges in autonomous driving, positioning themselves as global leaders in autonomous truck technology and operational scalability.

According to official data from KargoBot, the company has accumulated over 45 million tons of L4-level autonomous freight transport and demonstrated convoy operations totaling over 8 million kilometers. With a strong demand for automation and high feasibility in large-scale commodity logistics, KargoBot aims to accelerate commercialization, generate early revenue, and expand its operations, creating a positive feedback loop for research and development investments.

KargoBot leads the industry in the commercialization of autonomous freight transport. Partnering with stakeholders, they have introduced front-loading production heavy-duty trucks capable of automation, covering various power types including new energy, fuel, and natural gas. KargoBot focuses on standardized testing and operations in the northwest and north China regions, characterized by large-scale logistics, fixed routes, and urgent cost-saving demands.

EqualOcean understands that the autonomous freight transport market is vast and highly secure, representing one of the first areas within the L4-level race to achieve autonomy and commercialization. Over the next decade, L4-level autonomous freight transport will unleash CNY trillion-level commercial and social value annually. KargoBot initially chose an intelligent convoy as an entry point, deploying in the sparsely populated central and western regions where driver labor intensity and operational challenges are high. They have achieved breakthroughs in automation technology, vehicle front-loading production, safety, and commercialization, and plan to accelerate system iteration optimization and deployment on a scale of thousands of units. Ultimately, KargoBot is to drive sustainable urban and societal development and intelligent upgrades through L4 technology.