US-based autonomous truck technology developer Plus closed a $200m funding round yesterday that was co-led by automotive components producer Wanxiang through its Wanxiang International Investment unit.
Investment bank Guotai Junan International and investment banking group Citic’s CPE subsidiary co-led the round with existing backers including Full Truck Alliance, the trucking services marketplace also known as Manbang Group.
Formerly known as Plus.ai, Plus is developing a self-driving system designed for use with trucks, and is working with original equipment manufacturers, fleet managers and shipping companies to fine-tune its technology.
The company is gearing up to begin mass producing its system later this year and has earmarked the funding for commercialisation activities that will include building out its sales and support capabilities to help customers integrate the technology into existing fleets.
David Liu, co-founder and chief executive of Plus, said: “Trucking accidents and growing truck driver shortage affect our economy and daily lives.
“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.
“The additional funding and continued support of our investors will help us further scale our commercialisation efforts, enabling us to serve fleets in more countries.”
Venture capital firm Sequoia Capital China led a series A-plus round of undisclosed size for Plus in 2018 that also featured Full Truck Alliance, China Growth Capital, Lightspeed China Partners and GSR Ventures. It also named carmaker SAIC Motor and VC firm Mayfield as existing investors this week.
Photo courtesy of Plus.
