China-based autonomous truck developer TuSimple has received $55m in series C funding from investors including internet company Sina, China Money Network reported today.
The round was led by Fuhe Capital and included fellow venture capital firm Zhiping Capital. TuSimple raised more than $20m in a Sina-led series B round in August 2017 also backed by graphics technology provider Nvidia’s corporate venturing arm, Nvidia GPU Ventures.
Founded in 2015, TuSimple is working on technology that combines artificial intelligence, computer vision and mapping technology that will facilitate the production of trucks that perform all safety-critical driving autonomously.
Known as level four automation in industry parlance, the technology only requires human interaction in special circumstances such as driving through geofenced areas or traffic jams.
TuSimple will put the series C money toward further research and development that will involve conducting additional road tests.
The company had also raised RMB50m (approximately $7.7m) in 2015, according to its website, though it has not revealed any other details of that funding.