Plus, a US-based automated driving technology developer backed by trucking services firm Full Truck Alliance, electronics producer Quanta Computer, automotive component maker Wanxiang and carmaker SAIC, announced a reverse merger yesterday.
The deal involves the company merging with special purpose acquisition company Hennessy Capital Investment Corp V at a $3.3bn valuation, with the combined business taking the Nasdaq Capital Market listing secured by the latter in a $300m initial public offering in February this year.
Funds and accounts managed by BlackRock and DE Shaw Group are among the participants in a $150m private investment in public equity deal supporting the transaction.
Formerly known as Plus.ai, Plus is working on level 4 autonomous driving software, sensors and cameras for use in the trucking industry, a level in which the vehicle is driven autonomously with a human driver in reserve if necessary.
Plus co-founder and CEO David Liu said: “All of us at Plus are inspired each day to help make heavy trucks safer and more comfortable, reduce operational costs for fleets, and make our world greener. We are on track to start mass production of autonomous trucks this year.
“This transaction enables Plus to continue growing our business globally, so that fleets and drivers can benefit from our revolutionary technology and usher in a new generation of innovation.”
Full Truck Alliance, Quanta Computer, Wanxiang’s International Investment vehicle and SAIC subsidiary SAIC Capital took part in a funding round for Plus that closed at $420m in March this year.
The corporates were joined by FountainVest Partners, ClearVue Partners, Phi Zoyi Capital, Sequoia Capital China, Mayfield Fund, Millennium Technology Value Partners, Guotai Junan International and Citic CPE.
Plus had previously raised undisclosed amounts from Full Truck Alliance, SAIC, Sequoia Capital China, China Growth Capital, Lightspeed China Partners, Mayfield and GSR Ventures.
Photo courtesy of Plus.
