Chinese startup Trunk.Tech finishes its latest financing

Nov 18, 2021 Finance

 

Chinese autonomous trucking startup Trunk.tech, also known as TRUNK, announced that it has completed a new round of financing worth tens of millions of yuan, which was jointly led by the Yuexiu Industrial Investment Fund, ZWC Partners and Bohai Capital.

Proceeds will be used to further develop its new generation driverless trucks, shore up operation facilities, expand business in port markets, and establish an AI logistics network, the company said. 

Founded in 2017, Trunk.Tech is the first company in China independently to develop SAE Level 4 driverless trucks, based on its own driverless hardware and software systems. The company provides the automated driving technology and transportation services for port shipping hubs and highway logistics.

It primarily provides safe and smart logistics for ports and highways, and its portfolio clients consist of China Merchants Port Holdings, China National Offshore Oil Corporation, JD Logistics, and Deppon Express, among others.

In January this year, it had signed a strategic partnership with Nasdaq-listed US autonomous technology major Velodyne to co-work on developing next-generation autonomous heavy trucks and achieve commercialisation of driverless tucks in China's logistics market. And it also had the backings of GLP and its investment vehicle Hidden Hill Capital, NIO Capital, iFLY TEK, and China Eastern Bell Capital.