Self-driving trucking expertise startup Plus added $220 million to a latest capital increase, placing it on monitor for commercialization of its Degree 4 system in China this summer season.
The previously announced $200 million raised in February was led by CPE and Guotai Junan Worldwide.
The brand new cash is usually from Chinese language and Asian traders. Chinese language funds FountainVest Companions and ClearVue Companions co-led the increase.
Contributors included Taiwan’s Quanta Laptop Inc., together with current traders SAIC Capital, the enterprise arm of Shanghai Automotive Business Corp., and China’s Google-backed freight-matching platform Full Truck Alliance. Millennium Expertise Worth Companions and Sequoia additionally contributed.
‘Necessary inflection level’
“With the mass manufacturing of its autonomous driving system this yr, Plus is hitting an essential inflection level for the corporate,” Alex Zhang, FountainVue companion and head of the commercial group at FountainVest, mentioned in a press launch.
Plus will use the extra funds to broaden its world operations and industrial deployment plans for its driver-in autonomous driving answer known as PlusDrive.The corporate is within the last levels of certifying PlusDrive for industrial operation in China, the place it has 5,000 nonbinding preorders.
The PlusDrive-powered automated truck was collectively developed with First Auto Works (FAW), China’s largest heavy-duty truck maker. Pilot applications are underway with giant industrial freight operators, together with SF Categorical, one in every of China’s largest supply fleets.
“Plus is the one autonomous trucking firm to begin mass production of its autonomous driving system this year,” mentioned David Liu, Plus CEO and co-founder. “And this funding will assist gasoline plans to convey our automated vans to market.”