Deepway, a joint venture between Chinese IT company Baidu and freight transport company Schao, succeeded in attracting additional investment. Based on investment, Deepway is speeding up the commercialization of smart trucks that it aims to deliver at the end of the year.

Deepway announced on the 23rd (local time) that it received 460 million yuan (about 90 billion won) through Series A investment round led by Chi Ming Venture Partners. Lenovo Capital and Bright Capital participated in this investment round.

Deepway was recognized for its value of 3 billion yuan (about 584 billion won) through the investment round.

Deepway is an autonomous commercial vehicle company established by Baidu and Schao in 2020 and unveiled the “Shingtu 1st Generation” model, a smart large truck model, at the first brand strategy presentation held in Beijing in September last year.

Xintu 1 not only allows efficient control of vehicles by applying EE architecture, but also enables steady firmware updates online. The design was done by Pininparina, a world-renowned car design company. Pinin Parina adopted a design that is light and uses less energy due to low wind resistance in Singtu 1. The resistance coefficient of Singtu 1 is only 0.35, and it is equipped with a custom-designed lithium iron phosphate battery pack that can travel 300 kilometers even with up to 49 tons of cargo.

In addition, Baidu’s open self-driving car platform applied the HIS system built on Apollo. The HIS system, which was unveiled last year, implemented level 3 semi-autonomous driving technology, and aims to achieve level 4 full autonomous driving technology by 2026 at the latest.

Based on the funds secured this time, Deepway is speeding up its small-scale release process even in December. It also aims to sell 1,000 smart trucks that can drive themselves on highways next year.

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