China's Neolix raises nearly $400M Series E co-led by a national-level fund

Chinese autonomous delivery vehicle maker Neolix closed a Series E of nearly $400 million, jointly led by Boyu Capital and a national-level fund, with Alibaba's AEF NextGen Hong Kong fund, Vertex Growth and GAC Capital joining. After a Series D of more than $600 million last year, cumulative funding now tops RMB 10 billion. The money goes to global operations and end-to-end driving models, a sign that state-linked capital keeps backing physical AI.