Yunqi Capital | Lead Series A investor Neolix raises over $600 million in Series D, with Yunqi Capital continuing to increase its stake

On October 23, Neolix, an early Yunqi Capital portfolio company and the world's largest provider of L4 autonomous urban delivery (RoboVan) solutions, announced the completion of its Series D round of over $600 million.

This round was led by UAE-based StoneVenture. As the lead investor in Neolix's Series A round and a long-term partner in the company's growth, Yunqi Capital continued to increase its stake in this round. Other investors include co-leads Gaocheng Capital, CITIC Capital Private Equity (the private equity arm of CITIC Capital), CDH Investments VGC, ChaoXi Capital, Beijing Artificial Intelligence Industry Investment Fund (Beijing AI Fund), and a major internet company, alongside several other well-known industry investors.

By amount, this financing sets a new record as the largest in China's autonomous driving sector to date. Read on with this edition of "Yunqi Partners" to learn more.

Chen Yu, Partner at Yunqi Capital

We have been firmly bullish on Neolix's long-term potential in autonomous delivery since the company's earliest days. Over the years, the team has gone from "vehicle number 1" to "vehicle number 10,000," steadily pushing the boundaries of what's possible in the industry through solid engineering capabilities and continuous technological innovation — in algorithms, systems, and commercial operations. Yunqi will continue to stand by Neolix's side, working together to advance the deep application of autonomous driving in the trillion-scale logistics market.

The following content is adapted from Neolix Autonomous Vehicles

This financing round marks a major milestone for Neolix on its path toward realizing the vision of "bringing autonomous vehicles to the world," signaling strong market recognition of its technical capabilities and commercial model. Neolix will use the proceeds to continue investing in algorithm and technology R&D, develop and expand new products for different commercial scenarios, and further improve its service network to enhance user experience.

Neolix founder and CEO Enyuan Yu stated that this round of funding will help solidify and elevate Neolix's technical strength and market competitiveness in autonomous urban delivery, further accelerating the pace of large-scale commercial deployment of autonomous vehicles to meet the robust and growing demand in domestic and international urban delivery markets. "We firmly believe that autonomous delivery is a critical component of future urban logistics. Neolix will continue building this ant army, deepening our work in visual algorithms and dispatch engines to provide customers with safe and efficient autonomous driving solutions. Our goal is to empower a broader range of urban delivery scenarios with autonomous driving, making autonomous vehicles the next-generation productivity tool for urban delivery and driving efficiency gains and digital transformation in the urban logistics industry."

Leading the Autonomous Delivery Industry

Embarking on a New Journey of Scale

Since its founding in 2018, Neolix has consistently led the RoboVan industry and recently achieved multiple milestones: cumulative deliveries of L4 autonomous vehicles surpassed 10,000 units, making it the first L4 fleet in the world to break the 10,000-vehicle mark; monthly deliveries exceeded 2,000 units, making it the first autonomous driving company globally to surpass 2,000 units in a single month; deployments in Qingdao exceeded 1,200 vehicles, helping the city become the one with the most autonomous vehicles in the world; cumulative deliveries of both the X3 and X6 models surpassed 4,000 units each, making Neolix the only company in the industry to achieve mass delivery of multiple hit products (large-scale delivery SKUs); deployed vehicles across more than 300 cities, becoming the autonomous driving company with the most global city coverage; and cumulative L4 autonomous driving mileage was the first in the industry to surpass 50 million kilometers, maintaining its industry lead.

Neolix has also made critical advances in autonomous driving technology. Its self-developed L4 mapless autonomous driving solution has begun commercial delivery and is being applied on a limited scale. This makes Neolix the first company in the autonomous delivery industry to deliver a mapless technical solution.

The company has achieved the first deployment in the freight industry of a "vision-to-action" foundation model, "Neolix-VA", enabling fully end-to-end operation. Through industry-leading spatial intelligence and behavioral reasoning capabilities, the RoboVan fleet can naturally integrate into complex traffic environments and complete deliveries efficiently and smoothly. It can meet point-to-point logistics needs on urban public roads in any scenario, as well as global deployment requirements. Neolix has pioneered an L4 autonomous delivery "global intelligent dispatch hub" that uses AI algorithms combined with big data to achieve dynamic optimal matching of "vehicles-road network-orders," enabling the creation of a "low-cost, high-efficiency, scalable" freight operations system.

Mapless technology allows Neolix to reduce its reliance on high-definition maps, saving over 90% of related expenses while also significantly lowering hardware costs. With mapless large-model technology, Neolix's autonomous vehicles can successfully navigate unfamiliar and complex road conditions, while also solving the difficult problem of obtaining cross-border qualifications for high-definition maps.

Industry observers believe that the deployment of Neolix's mapless technology will not only potentially drive the entire RoboVan field's transition from "map-dependent" to "autonomous perception," but will also propel the RoboVan industry into a new stage of high-quality development. As mapless large-model technical solutions continue to iterate, the RoboVan industry will be able to break through geographical limitations and cost bottlenecks. In the future, when "hour-level deployment," "global delivery coverage," and "global adaptability" become industry norms, the efficiency revolution in smart logistics will truly arrive.

Continuous Expansion of Commercial Scenarios

Growing Market Share

Since obtaining the industry's first autonomous delivery license in 2021, Neolix's vehicle deliveries have continued to grow rapidly, achieving more than 10x growth annually over the past two years. Currently, Neolix's autonomous vehicles have made the leap from "technology trials" to "scaled commercial deployment," with market share further expanding. Cumulative shipments account for over 60% of industry share, monthly new shipments account for over 70% of industry share, and monthly sales account for over 80% of industry share. To date, Neolix has served more than 300,000 shippers, covering all customer types from key accounts to small businesses.

In the express delivery sector, Neolix holds an absolutely leading market position. It is the only RoboVan supplier in the industry to achieve full coverage of all major express delivery groups including SF Express, JD Logistics, China Post, the "Three Tongs and One Da" (YTO, ZTO, STO, and Yunda), and J&T Express, having won nearly 70% of key account market bids and continuing to lead the autonomous delivery industry.

Beyond express delivery, Neolix is also rapidly completing validation in urban delivery scenarios including fresh groceries, cold chain, supermarket retail, and less-than-truckload freight. Autonomous vehicle delivery not only helps optimize delivery times and service windows — for example, autonomous vehicles can make 10 or more trips per night during evening hours — but also improves service reliability and customer experience, helping enterprises optimize their supply chains. This year, Neolix also partnered with DiDi Freight to pioneer autonomous freight RaaS (RoboVan-as-a-Service) for instant delivery, making autonomous vehicle services accessible on demand and significantly lowering the barrier for logistics customers to adopt autonomous delivery. These new urban delivery scenarios are seeing explosive order growth, with monthly order volume and value now exceeding 50% of Neolix's total orders, becoming the largest demand scenario. In the broader urban delivery sector, Neolix currently serves hundreds of industry-leading customers, capturing over 60% market share.

Beyond its dominant domestic market position, Neolix has also made major breakthroughs overseas. In October this year, Neolix partnered with an Abu Dhabi-headquartered technology enterprise group to obtain the first RoboVan license issued in the UAE. Neolix will comprehensively promote autonomous delivery deployment in the UAE, helping it become the second country after China to achieve large-scale RoboVan deployment, with plans to expand to other Middle Eastern countries. In September 2025, Neolix was invited to join "Autoware," Japan's largest autonomous driving technology alliance. In July 2025, Neolix signed a strategic cooperation agreement with the Incheon city government in South Korea to promote RoboVan deployment in Korea.

2025: The Year of Autonomous Delivery Vehicles

Industry insiders expect autonomous delivery vehicles to accelerate further in the second half of this year, with the sector entering an explosive growth phase over the next three years. Soochow Securities estimates that autonomous delivery vehicle sales will exceed 30,000 units in 2025. Currently, China has approximately 30 million delivery vehicles in urban logistics, with a total market size exceeding 3 trillion RMB. As autonomous delivery vehicles deploy and operate across numerous commercial scenarios, their capabilities continue to optimize — not only "able to run" but "running steadily and efficiently."

Enyuan Yu stated that in the coming years, the autonomous delivery vehicle market will see exponential development. By the year after next, combining domestic and overseas markets, demand will definitely exceed 100,000 units in an explosive surge. Within three years, major cities like Beijing, Shanghai, and Guangzhou will each have at least several thousand autonomous delivery vehicles in operation, with total national volume potentially reaching hundreds of thousands — the industry has tremendous potential. And when autonomous vehicle fleets reach a certain scale, they may form an "intelligent freight network" that can serve all of society. Both enterprises and individuals will be able to share and use it, achieving efficient matching and ultimately improving logistics efficiency for society as a whole.