DeepWay completes ￥460 Million Series A financing

Recently, DeepWay, a smart electric commercial vehicle developer and manufacturer, announced it has completed ￥460 Million Series A financing, which was led by Qiming Venture Partners and backed by Lenovo Capital, Vlight Capital, CCB Trust, TH EDU Capital, Empowtech Capital, BOCOM International, and Huagai Capital. CICC is the sole financial advisor for the Series A-Round financing.

DeepWay completes its first round of external financing，which creates new record of the largest financing scale for smart electric commercial vehicle developing and manufacturing industry. With the support of this new round of financing, DeepWay will continue to promote the R&D, production and manufacturing of the smart electric commercial vehicle, perfecting and iterating the autonomous driving technology in the high-speed commercial vehicle scenario, deepening the layout of intelligent software and hardware in the industrial chain, and accelerating the commercial application of autonomous driving.

“Really appreciate for shareholders’ high trust and consistent support. Coinciding with the critical moment in the mass production process of DeepWay smart truck, the completion of this financing will undoubtedly further consolidate DeepWay’s leading position in the smart electric commercial vehicle track. In the future, we will continue to increase the investment in R&D, and manufacturing of the smart electric commercial vehicle, to create value for the freight routes logistics industry, and to accelerate the arrival of a new era of intelligent logistics,” DeepWay’s CEO Wan Jun said.

“In the context of embracing sustainable energy and intelligent revolution, the smart electric commercial vehicle market layout of Qiming Venture following the ‘iron triangle principle’, that is, potential leading company should simultaneously have three key capabilities: firstly, the solid ability of forward development and mass production of vehicles; secondly, the ability of building premier intelligent driving platform; and lastly, the ability of in-depth understanding of transportation scenarios and capacity operations. DeepWay’s core team comes from excellent truck factories, logistics enterprises and autonomous driving companies. The rare combination, rich experience and achieved milestones fully demonstrate that DeepWay is the company best meets this ‘iron triangle principle’. We expect DeepWay to become the leader of smart trucks in China and even the global market,” Qiming Venture’s partner, Alex Zhou said.

“Congratulations for the successful completion of the Series A-Round financing of DeepWay team! It is a great honor for Lenovo Capital to work with the team. Electric and intelligent trucks will come. High-speed freight routes logistics is the important vertical scene valued in trillions. Lenovo Capital team thought that the real landing of autonomous driving must realize the commercial closed-loop of the deep integration of technology and scene. DeepWay team is a rarely excellent combination of manufacturer, autonomous driving, fine operating experience and capability, which has completed the definition, research and development of the electric trucks and the trial production of the prototype vehicles in just over a year, perfectly reflecting their ability and All In spirit. In the smart cars industry chain, Lenovo Capital has already invested in a batch of China’s most outstanding scientific and technological innovation enterprises. We are looking forward for the strategic cooperation with DeepWay in fields like industrial chain, solutions and scene landing, etc. We also wish the DeepWay team could sustainably harvest new milestones, ” Dennis Song, the Vice President of Lenovo Group and the senior partner of Lenovo Capital said.

“Vlight Capital constantly focus on opportunities for new energy and intelligent technology to change the freight routes, logistics scenarios and vehicles. Since the initial establishment, DeepWay has built independent manufacturing capability and energy replenishment system adapted to the application scenario based on its ability of forward design, research and development. The founding team’s deep understanding of the trunk logistics industry and strong execution force will drive DeepWay to become the industry leader,” Vlight Capital’s managing partner, Sharon Xiao said.