Jiushi Intelligence Secures Another $300 Million in Financing, Valued at Over $10 Billion | Exclusive Report by 36Kr

The picture shows the Jiushi driverless vehicle.

36Kr learned that Jiushi Intelligence recently completed a new round of financing exceeding $300 million, and its valuation has exceeded 10 billion RMB. This also means that, based on the publicly available information, the first unicorn with a valuation of over 10 billion in the RoboVan (Level 4 autonomous driving logistics vehicle) field has been born.

As of now, Jiushi Intelligence has received six rounds of financing.

Founded in 2021, Jiushi Intelligence focuses on the research and development of artificial intelligence and Level 4 autonomous driving technology. Its core product is the Level 4 autonomous driving urban distribution vehicle, and its business focuses on urban feeder transportation and B2B unmanned logistics fields.

By the end of 2025, its unmanned delivery vehicle business had covered more than 300 cities across the country and expanded to markets such as Singapore, the United Arab Emirates, Japan, South Korea, and Malaysia. In October 2025, Jiushi Intelligence signed an order for 7,000 driverless vehicles with China Post.

In January this year, Jiushi completed a strategic merger with Cainiao's unmanned vehicle business. After the integration, Jiushi Intelligence operates both the Jiushi and Cainiao unmanned vehicle brands. The total scale of the RoboVan fleet exceeds 20,000 vehicles, covering more than 300 cities in over 10 countries around the world.

After the integration, Jiushi Intelligence will operate with dual brands. The "Cainiao Unmanned Vehicle" brand will be licensed by Cainiao to Jiushi for use. Cainiao itself will no longer produce and directly sell unmanned vehicles. Relying on its logistics technology gene, it will focus on specific scenarios and key accounts, providing in - depth intelligent supply chain services based on RoboVan. Jiushi Intelligence will continue to deeply cultivate the full - stack self - developed autonomous driving technology and provide full - scenario intelligent transportation capacity solutions.

According to 36Kr Auto, Jiushi Intelligence's unmanned vehicles can help customers reduce the last - mile delivery cost by about 50%. After introducing the unmanned vehicles, the monthly cost of a logistics unmanned vehicle for express delivery franchisees is about 2,000 - 3,000 yuan. Under the comprehensive measurement of vehicle cost, depreciation expenses, and electricity costs, the delivery cost per express order has dropped from 0.2 yuan to 0.1 yuan.

Behind the continuous cooperation, the deployment scale of Jiushi's unmanned vehicles has basically increased at a ten - fold rate every year. In 2023, the number of Jiushi's unmanned vehicles deployed was 200. In 2024, it increased to 2,000. At the beginning of 2026, after the integration with Cainiao, it quickly reached 20,000.

Zhou Qing, the co - founder of Jiushi Intelligence, once said that if R & D costs are not counted, Jiushi Intelligence has achieved break - even. If R & D costs are included, it can basically achieve break - even when the number of vehicles reaches about 50,000.

Currently, the best - selling product of Jiushi Intelligence is its first Level 4 mass - produced model, the Z5, which is the first unmanned logistics vehicle in the industry with a cargo box volume of over 5 cubic meters launched by Jiushi.

In Jiushi Intelligence's product layout, the Z series is the standard product of Jiushi, with vehicle models ranging from 2 to 10 cubic meters. The lightweight E series focuses on niche scenarios such as community retail and light and bulky goods, providing a lower - cost option and filling the gap in lightweight scenarios. The L series with higher load capacity and higher charging efficiency aims to meet the heavy - load demand scenarios of customers.

In recent years, the unmanned logistics field targeted by Jiushi Intelligence is at the explosive node of large - scale implementation. In the past year, vehicle suppliers such as Qingzhou Zhihang and Desay SV have also started to enter the unmanned delivery market, and the competition has been continuously escalating.

Zhou Qing once said in an interview: "The industry has evolved from the 'Spring and Autumn Period' to the end of the 'Warring States Period'. The leading effect will become more obvious, and ultimately it may be unified by the 'Qin and Han Dynasties'."