White Rhino closes $100M Series C for L4 delivery expansion

Its investor roster mixes logistics real estate capital, provincial state funds and a Korean bank, trading cash for road access and overseas reach.

• Beijing-based L4 autonomous driving firm White Rhino (Rino.ai) closed a C2 tranche that brings its cumulative Series C to $100 million, the largest single raise in its history, led by GLP's Hidden Hill Capital.
• Founded in 2019 by former Baidu autonomous driving engineers Zhu Lei and Xia Tian, White Rhino builds full-stack L4 delivery vehicles now operating in more than 200 Chinese cities.
• The company has delivered over 5,000 autonomous logistics vehicles to clients including SF Express, China Post, JD.com and Lalamove, making it the third-largest operator in China's robovan fleet.
• Proceeds will fund iteration of L4 end-to-end tech and 'physical AI' capabilities plus continued expansion of its urban operating network.
• The round blends an industrial investor (GLP's Hidden Hill), government-linked capital (Xiangtan state funds, Hunan Caixin) and South Korea's Woori Financial Group, reflecting how road rights and overseas access now matter as much as cash in this sector.
• White Rhino says it plans to replicate its domestic autonomous-delivery playbook overseas, leaning on Woori Financial Group's cross-border network for expansion.
• The financing underscores a broader shift in China's autonomous delivery race from pilot demonstrations toward vehicle-grade, nationwide fleets and a business model that sells hauling capacity, not just vehicles.