Chinese Robotruck Firm KargoBot Raises $100M to Grow Fleet

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KargoBot, a Chinese autonomous freight startup formerly owned and now supported by a major ride-hailing company, has raised over $100 million in its latest funding round to accelerate the growth of its self-driving truck fleet.

The Series B funding was led by a prominent Chinese AI chip company and a local venture capital firm. Several other investors, including venture funds focused on innovative technologies, also participated.

The funds will mainly be directed toward scaling up autonomous trucking along main routes and developing a comprehensive smart transportation system, which includes logistics robots and operational management platforms. The company plans to deploy 1,000 autonomous trucks this year and aims to build a fleet of 10,000 trucks within the next few years.

Long-distance freight transportation makes up more than 70% of China’s regional goods movement and represents the largest segment in autonomous driving. The company states that the market for long-haul autonomous trucking is approaching a commercial breakthrough and expects to see rapid growth over the coming one to two years.

Founded in 2021, the company originated from an autonomous driving division of a major ride-hailing firm before becoming an independent enterprise. Its hybrid operational model features a human driver leading a convoy of autonomous trucks, aiming to address shortages of truck drivers and an aging workforce.

Last year, the company became one of China’s first to obtain certification for pilot autonomous truck convoys. It currently manages over 400 autonomous trucks, conducting testing and operations across more than 10 provinces and cities, with over 3,500 kilometers logged in total.

The company has formed partnerships with several vehicle manufacturers and launched seven mass-produced models, supporting over 20 clients in intelligent logistics. It has also collaborated with more than 30 industry partners to expand autonomous freight solutions and develop innovative business models.