Zelos Technology, which develops unmanned logistics vehicles, has pocketed a total of $100 million in its Series B3 financing round, as the firm ramps up overseas expansion.
The capital infusion has brought the total capital raised in Series B round to $300 million, according to a company release on Tuesday.
Previously, the firm closed its $100-million Series B1 round in November 2024, co-led by CDH Investments’ tech investment platform, Bai Fu Wealth Management, and Chinese dual-currency venture capital (VC) firm Blue Lake Capital.
Baidu Ventures, Asia Investment Capital, a Hong Kong-based private equity investment fund that counts the backing of China’s finance ministry and Macau’s monetary authority, and state-owned Wuxi Venture Capital Group joined the Series B round.
The funding comes as the firm ramps up its overseas expansion. The Suzhou-based firm was the first firm of its kind to secure a road rights license from Singapore’s Land Transport Authority in May 2024 to operate fully driverless autonomous vehicles on public roads in the city-state for cargo transportation.
Besides Singapore, the firm said it has expanded the company’s presence across Japan, South Korea, as well as Dubai.
Founded in 2021, Zelos, which develops full-stack L4 autonomous driving technologies, hopes to address the challenges in the trillion-dollar business-to-business (B2B) urban logistics market. Level 4 is considered a fully driverless vehicle that can drive by itself without interaction with human drivers.
With R&D centres in China and the US, the firm claims that it has hit a positive gross profit margin, making it one of the few Chinese L4 self-driving vehicles developers to be profitable.
