(Yicai) Oct. 8 -- Rino.ai, a Chinese producer of unmanned delivery vehicles, has raised USD100 million in Series C funding to accelerate technology development and expand its operations.

The latest Series C2 financing brings Rino.ai's total Series C funding to USD100 million, following a Series C1 round completed in May for which the company did not disclose the amount raised. Last year, the firm secured nearly CNY500 million (USD74.6 million) through Series B and B+ funding rounds led by SF Holding.

The Series C2 round was led by Hidden Hill Capital, a private equity investment platform under global logistics giant GLP, with participation from state-backed investors in China's Hunan province, South Korea's Woori Financial Group, and Bozheng Capital Investment, an investment arm of Bohai Securities, according to a statement released today.

The Beijing-based company will use the proceeds of the Series C2 round to advance its Level 4 autonomous driving technology, which allows vehicles to operate without human intervention under specified conditions. It will also enhance its physical artificial intelligence capabilities and expand its urban delivery network.

Founded in 2019 by former Baidu autonomous driving team members Zhu Lei and Xia Tian, Rino.ai has partnered with express delivery giant SF Holding, national postal service provider China Post Group, e-commerce giant JD.Com, on-demand logistics platform Lalamove, and Alibaba Group Holding's instant retail arm Taobao Flash Shopping. The company has delivered more than 5,000 unmanned logistics vehicles and operates in over 200 Chinese cities.

With fresh funding, Rino.ai aims to expand alongside its partners. The startup will tap Singapore-headquartered GLP's global logistics infrastructure and warehousing assets to develop unmanned delivery services and accelerate commercial validation, while leveraging Woori Financial Group's cross-border resources to expand its autonomous driving operations overseas.

Rino.ai also intends to deepen industry partnerships and integrate its technology, products, operations, and broader ecosystem to strengthen its long-term competitiveness, it added.

Editor: Emmi Laine