DeepWay Technology expanded its pre-IPO funding round, bringing the total capital raised in this round to more than $310 million, according to a company press release on Tuesday.
The deal ranks as one of the largest single funding rounds in China’s autonomous heavy-duty truck industry over the past five years, providing a fresh financial buffer for the Chinese truck tech company as it sprints toward public markets.
The latest capital injection was led by UAE-based Stone, with participation from Australian superannuation fund NGS Super and Xiamen Guosheng Fund. Existing shareholders, including ABC Impact and Nanjing Ronghe Capital, also increased their stakes.
The expanded round builds on the company’s previously completed 1.177 billion yuan ($173 million) pre-IPO financing.
The new funds will primarily be used for the research and development of autonomous driving technology and the commercialization of unmanned freight robots in the global market, according to the company.
DeepWay said the significance of this funding goes beyond the dollar amount, as the addition of three overseas investors provides network resources across the Middle East, Australia, Southeast Asia, and parts of the European and US markets.
This makes the company’s 2026 overseas commercialization plans more actionable, it said.
Founded in 2020, DeepWay develops new-energy heavy-duty trucks, advanced driver-assistance systems, and freight solutions.
The company filed for a Hong Kong initial public offering in November 2025, seeking to raise capital in the public markets for its next phase of expansion.
According to its prospectus, DeepWay reported revenue of 1.5 billion yuan in the first half of 2025, though it has yet to turn a profit.
A key point DeepWay is attempting to use to persuade capital markets is that it is not merely selling an autonomous driving system.
By forward-designing and developing smart new-energy heavy trucks, the company tightly integrates the vehicle platform, electric powertrain, perception hardware, and driving software.
DeepWay repeatedly emphasizes its “data flywheel.” In the commercial vehicle sector, this concept is particularly crucial because the challenge of autonomous heavy trucks lies not just in perceiving the road, but in stably controlling a heavily loaded, long-wheelbase vehicle operating under highly volatile conditions.
Currently, DeepWay is advancing platooning tests and freight operations in regions including Xinjiang, Inner Mongolia, and Sichuan.
The company said that its smart platooning models have rolled off the production line and secured autonomous driving test licenses in multiple regions, indicating that its technological roadmap is shifting from driver assistance to higher-level verification.
As of June 2025, DeepWay had delivered a cumulative total of about 6,400 new-energy heavy trucks. Some media reports suggest its current cumulative deliveries have now surpassed 12,000 units.
Chen Shaoming, chief investment officer at ABC Impact, said DeepWay has made substantial progress over the past year in the scaled roll-out of its L2 combined driver-assistance systems, paid subscription growth, and L4 platooning deployment.
NGS Super, meanwhile, said its confidence in DeepWay’s long-term value in zero-emission, green energy, and the intellectualization of road freight.
More broadly, DeepWay is betting on the simultaneous overseas expansion window for both new-energy and autonomous heavy trucks.
DeepWay hopes to leverage its new shareholders’ resources to seek deployment opportunities in the Middle East, Europe, the US, Australia, and Asia-Pacific markets.
If executed smoothly, this will help DeepWay translate its China-validated combination of electrification and intelligence into a more internationally comparable growth story.
($1 = 6.8163 yuan)
