"White Rhino" Closes New Funding Round, Total Annual Financing Exceeds $100 Million | Linear Portfolio

Today, L4 autonomous driving company "Bairhinoceros" (白犀牛) announced the completion of a new funding round — its third in 2025, bringing total annual fundraising to over $100 million.

As the trillion-dollar global autonomous logistics vehicle market reaches an inflection point for large-scale deployment, Bairhinoceros has achieved breakthrough growth in 2025: it topped new order rankings among three major direct-operated key accounts in express logistics, with business growth exceeding 20x year-over-year, and became the first to complete mass production readiness for automotive-grade Robovan products, initiating large-scale deliveries to multiple leading customers while maintaining first-tier growth in active vehicle fleet size.

Linear Capital led Bairhinoceros's Pre-A round and has continued to support the company through multiple subsequent rounds.

On December 18, Chinese L4 autonomous driving leader "Bairhinoceros" announced its new funding round, with joint investment from JiuKun Venture Capital, QF Capital, YuanHe WangHou, and ZhengJing Capital. To date, Bairhinoceros has completed three funding rounds in 2025, with total annual fundraising exceeding $100 million.

The company achieved breakthrough business growth in 2025: topping new order rankings among three major direct-operated key accounts in express logistics, with business growth exceeding 20x year-over-year, and becoming the first to complete mass production readiness for automotive-grade Robovan products, initiating large-scale deliveries to multiple leading customers while maintaining first-tier growth in active vehicle fleet size.

According to McKinsey projections, the global autonomous logistics vehicle market will reach 3.6 trillion RMB by 2030, with China accounting for approximately 40% at nearly one trillion RMB. As end-to-end autonomous driving capabilities continue to strengthen, automotive-grade supply chains mature, and unmanned delivery efficiency improves, Robovan is accelerating from "technology validation" toward "scaled commercial deployment."

Bairhinoceros has precisely positioned itself for this structural opportunity, building a sustainable growth model around L4 autonomous driving technology + automotive-grade products + full-domain operational capabilities.

2025 is regarded as the inaugural year for scaled Robovan commercialization. Despite new entrants flocking to the autonomous logistics赛道 and the industry's bustling appearance, truly capable players with mass delivery capabilities remain few and far between.

Bairhinoceros has established deep partnerships with major logistics players including SF Express, China Post, and JD.com, and has initiated clearly defined large-scale delivery deployments. To date, Bairhinoceros has surpassed 2,000 actively operating vehicles, with normalized operations covering over 170 cities globally, as daily stable operating mileage climbs rapidly.

Massive real-world operational data has not only validated the feasibility of its business model but also drives a virtuous cycle of "data accumulation → algorithm optimization → operational efficiency improvement → scenario expansion." Bairhinoceros has become a core supplier for leading enterprises' autonomous logistics and delivery operations, with continuously expanding order scale and commercial capabilities recognized by market authorities.

As the industry advances toward annual delivery volumes in the tens of thousands, market demand for autonomous vehicles is shifting from "experimental trials" toward lower total cost of ownership, higher safety, and longer service life. Bairhinoceros has pioneered an automotive-grade autonomous vehicle platform developed through the automotive V-process, collaborating with OEM partners including XinYuan Auto and HiRain Technologies to jointly build truly automotive-grade L4 autonomous logistics products and technical solutions.

The platform employs modular, platform-based design enabling rapid adaptation to diverse scenarios including logistics, cold chain, and campus operations. Related products have now entered final countdown to market launch, marking Bairhinoceros as the first domestic company with true automotive-grade L4 autonomous logistics vehicle mass production and delivery capabilities.

The three 2025 funding rounds, garnering strong recognition from industry capital including SF Group and SF City Rush as well as multiple professional investment institutions, reflect market confidence in Bairhinoceros's closed-loop capabilities across "technology-product-commercialization." This round's proceeds will be primarily allocated to:

• Accelerating scaled mass production and market promotion of the automotive-grade autonomous vehicle platform;
• Continued investment in core L4 autonomous driving R&D to enhance safety and robustness in complex urban scenarios;
• Expanding high-value scenarios including same-city freight, instant delivery, and campus transfer, building multi-scenario operational capabilities, and accelerating overseas market layout.

Through deep implementation of automotive-grade standards, Bairhinoceros is transforming from a technology validator into an infrastructure builder for the industry. The automotive-grade autonomous vehicle platform will not only substantially improve system safety, reliability, and total cost of ownership advantages, but also positions it among the very few autonomous vehicle companies truly capable of meeting leading customers' scaled deployment requirements.

From bulk orders by logistics giants, to normalized operations across more than 100 cities nationwide, to rapid expansion into diverse high-value scenarios — leveraging the technical moat, production capabilities, and customer trust established through its automotive-grade products, Bairhinoceros is steadily driving autonomous logistics toward scaled profitability, committed to becoming a key force in shaping the next-generation smart urban logistics system.

About Bairhinoceros

Bairhinoceros Autonomous Vehicles (Rino.ai) is a global leading L4 autonomous driving company dedicated to making logistics transportation more cost-efficient and human mobility safer and more economical. Its business spans nine major application scenarios including express logistics, supermarket retail, fresh grocery delivery, instant pharmacy delivery, campus food delivery, industrial logistics, cold chain transportation, security patrol, and campus distribution. It has become the preferred partner for leading logistics, retail, and various operations enterprises, with related businesses deployed across over 170 cities globally, continuously empowering logistics, retail, and industry partners to achieve intelligent upgrading.