US-based autonomous truck developer PlusAI plans to raise $200m from investors including trucking services marketplace Full Truck Alliance, DealStreetAsia reported today, citing people familiar with the matter.
Venture capital firm and fellow existing investor Sequoia Capital is also set to participate in the round, and the company is close to securing the money at a valuation of more than $1bn.
Founded in 2016, PlusAI is working on trucks with level 2 autonomous functionality, meaning the vehicles will be able to take over steering and braking, with drivers still able to take control if required.
The company has secured semiconductor technology producer Nvidia as a supplier and intends to form a joint venture with FAW Jiefang, the truck manufacturing subsidiary of government-owned carmaker China FAW Group.
Sequoia Capital China led a series A-plus round of undisclosed size for PlusAI in November 2018, following an investment of undisclosed size by Full Truck Alliance – also known as Manbang Group – earlier in the year.
The company’s earlier investors include venture capital firms GSR Ventures, Lightspeed China Partners and China Growth Capital.
