Self-Driving Tech Company Rakes in $200 MILLION in New Funding From Chinese Firms
Cupertino, CA – A leading provider of self-driving truck technology announced today it has raked in another $200 million in funding.
On Wednesday, Plus (formerly Plus.ai) said it has completed a $200 million round of funding led by new investors Guotai Junan International, CPE, and Wanxiang International Investment.
Plus plans to use the new funds to “accelerate the global commercialization and deployment of its automated trucking system,” according to a company statement.
The self-driving tech startup plans to begin mass production in 2021 and is partnering with major U.S. truck manufacturers Navistar International Corp. and PACCAR Inc.
Plus claims to already have 10,000 pre-orders of its autonomous system.
In addition to scaling deployments in the U.S. and China, Plus says it intends to expand its international reach into Europe and other parts of Asia.
“Trucking accidents and growing truck driver shortage affect our economy and daily lives,” said David Liu, CEO and co-founder of Plus. “All of us at Plus are inspired every day to develop automated trucks that are going to make our world safer and greener, and help fleets drive more fuel efficiently and reduce operating costs.”
Plus may be best known for completing the first coast-to-coast commercial freight run with an autonomous truck.
In December of 2019, one of its level-four autonomous trucks completed a hub-to-hub trip spanning 2,800 miles from Tulare, CA to Quakertown, PA.
Plus says its self-driving truck, which was pulling a refrigerated trailer loaded with 40,000 pounds of Land O’Lakes butter, encountered a wide-range of weather and road conditions, as well as traffic conditions.
In July of last year, Plus announced an agreement with the Transportation Research Center (TRC), North America’s largest independent vehicle test facility located in East Liberty, OH, to conduct capability tests of the company’s self-driving system using what it called a “rigorous multi-vehicle approach.”
The testing is specifically designed to “simulate complex, real-world driving conditions,” requiring Plus’s automated driving system to predict how the vehicles will react to each other, according to a statement from the company at the time.