US-headquartered automated truck developer Plus added $220m yesterday to a funding round featuring trucking services provider Full Truck Alliance, electronics manufacturer Quanta Computer and carmaker SAIC that now stands at $420m.
The corporates all contributed to the extension, which was co-led by FountainVest Partners and ClearVue Partners and backed by Phi Zoyi Capital, Millennium Technology Value Partners and existing investors including Sequoia Capital China, while SAIC took part through its SAIC Capital unit.
Wanxiang International Investment, a subsidiary of automotive components provider Wanxiang, co-led the $200m first tranche with Guotai Junan International and Citic CPE in February this year, participating alongside existing investors including Full Truck Alliance.
Founded in 2016 as Plus.ai, Plus is working on driverless trucks intended to form the basis of a full-scale automated commercial transport system. The cash will fund international growth, as it looks to commercialise its PlusDrive system in the United States, China, Europe and certain additional Asian markets.
SAIC Capital Gordon Wan said: “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. The thoughtful approach that Plus is taking to build a sustainable company will pave way for its continued success.”
The company had secured an undisclosed amount in a 2018 series A-plus round led by Sequoia Capital China and backed by Full Truck Alliance, China Growth Capital, Lightspeed China Partners and GSR Ventures, while SAIC and Mayfield were identified as existing investors in the most recent round’s first close.
