Info
Info

Self-driving truck company Plus upsizes recent fundraising to $420 million

News
Info

Plus (formerly Plus.ai), a leading provider of self-driving truck technology, today announced it has added $220 million in new financing co-led by FountainVest Partners and ClearVue Partners, with participation from Quanta Computer Inc., Phi Zoyi Capital, and Millennium Technology Value Partners. The company's existing investors including Sequoia Capital China, SAIC Capital, and Full Truck Alliance (FTA) also participated. This investment is an extension of the $200 million round announced last month, which was led by CPE and Guotai Junan International.

The additional funds will enable Plus to further expand its global operations and commercial deployment plans across the U.S., China, Europe and other parts of Asia for its driver-in autonomous driving solution, PlusDrive. The company is in the final stages of certifying PlusDrive for commercial operation in China. Mass production for the PlusDrive-powered automated truck jointly developed with FAW, the world's largest heavy truck maker, is set to start this summer. Plus is working with some of the largest fleets in the U.S. and China, such as SF Express, China's largest logistics company, to pilot commercial freight operations. Truck makers and fleet partners recognize the multitude of benefits delivered by PlusDrive in terms of improved safety, efficiency, comfort, and sustainability.

“Plus is the only autonomous trucking company to start mass production of its autonomous driving system this year and this investment will help fuel plans to bring our automated trucks to market,” said David Liu, CEO and Co-founder, of Plus. “We are grateful to our investors, partners, customers, and team for sharing in our vision to make trucking safer and greener.”

Alex Zhang, Partner and Head of the Industrial group at FountainVest, said: “Self-driving technology will be transformational for the trucking industry by making our world safer and greener, and helping fleets drive more fuel efficiency and reduce operating costs. With the mass production of its autonomous driving system this year, Plus is hitting an important inflection point for the company. We're thrilled to contribute to the company's success.”

“Autonomous driving is going to revolutionize the world, across consumer and commercial applications, and ClearVue has been at the forefront of investing in the leading companies bringing autonomy solutions to market. We are confident in Plus and its ability to deliver, and excited to help accelerate its growth plans,” said Kathleen Ying, Partner at ClearVue.

Peter Chiu, head of private equity, Guotai Junan International, said: “Speeding up the development of autonomous trucking technology will create immense economic and environmental impact. Plus is well poised to take a leadership role in driving this fundamental change in the transportation industry, and we are proud to support them in this important mission.”

“Through its innovations in autonomous driving technology and business model, Plus has started to deliver the benefits of autonomous trucking by applying the technology to trucks today,” said Gordon Wan, Principal at SAIC Capital. “The thoughtful approach that Plus is taking to build a sustainable company will pave way for its continued success.”


The Latest News, Brought To You By
Self-driving truck company Plus upsizes recent fundraising to $420 million
Modified on Thursday 1st April 2021
Find all articles related to:
Self-driving truck company Plus upsizes recent fundraising to $420 million
TaaS Technology Magazine
Info
Construction Begins On First-of-its-kind Electric Vehicle Battery Technology Centre And Pilot Line
Uber, Mobilize, RATP And Blablacar Join Forces For Sustainable Mobility By Launching The “Mobilité360” Project
HELLA Brings Latest Passenger Car 77GHz Radar Technology Into Series Production
Former Google Head Of Energy Strategy Neha Palmer Joins TeraWatt Infrastructure
AAM And REE Automotive To Jointly Develop New Electric Propulsion System
Toshiba Expands Scope Of Its Solid-State LiDAR Solution To Address Transportation Infrastructure Monitoring
GHD Survey Reveals Half Of British Consumers Are Considering An Electric Vehicle In Next Five Years
FEV Successful In Designing Low Emission, Efficient Hydrogen Internal Combustion Engine
Nano One And Johnson Matthey Enter Into A Joint Development Agreement For Lithium-ion Battery Materials
Ford Boosts Investment In Solid Power
EasyMile Raises €55 Million In Series B Round
SEAT Introduces Autonomous Mobile Robots In Its Barcelona Factory
Faraday Future Selects Velodyne As Exclusive Lidar Supplier For Flagship FF 91
Pininfarina And MT Distribution Join Forces To Create A New Range Of Vehicles For Urban Electric Micro-mobility
Faction Raises $4.3M To Develop Light EV Driverless Fleets
Fisker Launches Resource For Environmental, Social, And Governance Policy, Practices And Reporting And
Iteris Awarded $3.3 Million Contract By City Of Modesto For Smart Mobility Initiative
European Launch: NIO To Sell Smart Premium EVs In Norway
Dr. Matthias Jurytko Takes Over The Management Of The Fuel Cell Joint Venture Cellcentric
Daimler Truck AG And Volvo Group Fully Committed To Hydrogen-based Fuel-cells – Launch Of New Joint Venture Cellcentric
Nikola And Total Transportation Services Inc. Sign LOI For 100 Nikola Trucks
Gilbarco Veeder-Root Expands E-mobility Platform With Launch Of EVerse
Renault Group And Plug Power Inc. Launch HYVIA
PCB Depaneling: Laser Technology Improves Quality And Efficiency For Automotive Applications
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification} Array
Live Event