DeepWay closes $310M in pre-IPO financing as it seeks to take Baidu-backed autonomous electric trucks global

The Hefei-based company, which has delivered 6,400 intelligent electric heavy-duty trucks in China and is targeting a Hong Kong stock market listing, has attracted an Australian superannuation fund among its latest investors, a sign that its clean freight story is reaching institutional capital well beyond its home market. It has yet to turn a profit.

DeepWay, the Baidu-backed developer of intelligent electric heavy-duty trucks, has closed the second tranche of its pre-IPO financing, bringing the total raised in that phase to $310 million ahead of a planned Hong Kong listing.

The latest tranche was led by Stone Venture, with participation from NGS Super, an Australian superannuation fund for education-sector workers, and Xiamen Guosheng Fund. Existing investors ABC Impact, backed by Temasek, and Nanjing Ronghe Venture Capital also increased their stakes.

The involvement of NGS Super is notable. Australian superannuation funds managing retirement savings for hundreds of thousands of teachers ...