Neolix, a Chinese company that manufactures autonomous delivery vehicles, announced on October 20th the completion of a Series E funding round worth nearly $400 million.
This round was co-led by Boyu Capital and a national-level fund. The publication Jiemian, citing sources close to the investment, identified the second fund as China's National AI Industry Investment Fund.
Other participants in the investment included Alibaba’s AEF NextGen Hong Kong fund, Vertex Growth, and GAC Capital.
Neolix stated that the raised funds will be used to expand its global customer service and operational network, as well as to invest in data collection and training models for fully autonomous driving. The company aims to increase vehicle safety and performance while simultaneously reducing operating costs throughout their lifespan.
This capital raise followed a Series D round last year, which exceeded $600 million, bringing the company's total funding to over 10 billion yuan.