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Self-driving trucking firm PlusAI bags $200 million funding
Self-driving trucking startup PlusAI announced that it has raised $200 million, which was led by Guotai Junan International Holdings Ltd., London-based Hedosophia and Wanxiang Group. Other investors include Menlo Park, Sequoia Capital and Lightspeed Venture Partners, as well as the venture arm of Chinese state-owned auto maker SAIC Motor Corp.
The new proceeds will be used to help it begin mass production and fill pre-orders of fleets in China. Before this round it raised about $300 million in funding and was valued at about $1 billion, according to the statement.
Founded in 2016, the company focuses on provide full-stack self-driving technology enabling large scale autonomous commercial transport. The company notes they are currently working with leading truck manufacturers, shippers, and fleet operators which is developing their system to handle the highway portion of freight trips, with human-operated trucks handling the load for first / last mile on surface streets.