Autonomous truck startup Plus raises $200M, explores public listing via SPAC

Autonomous truck startup Plus raises $200M, explores public listing via SPAC

Autonomous truck startup Plus has raised $220 million in new funding and is reported to be in talks to go public via a merger with a special-purchase acquisition company.

Reuters reported Wednesday that the company is in advanced talks with a few SPACs over a deal, with an announcement expected within a few weeks.

The new funding was led by FountainVest Partners and ClearVue Partners and included Quanta Computer, Phi Zoyi Capital, Millennium Technology Value Partners, Sequoia Capital China, SAIC Capital and Full Truck Alliance. The additional funding was an extension on a round of $200 million raised by Plus in February that was included Guotai Junan International, CPE and Wanxiang International Investment.

The funding will be used to accelerate the company’s production and deliveries of autonomous trucks and improve research capabilities.

Founded in 2016 and previously known as Plus.ai, Plus is developing technology to enable large-scale commercialization of autonomous transport. Specializing in full-stack self-driving technology to enable autonomous fleets, Plus works closely with original equipment manufacturers to build self-driving trucks that are safer than human-operated vehicles.

Where Plus stands out from its competitors is in its progression to real-world use. The company’s technology is set to be rolled out in mass production later this year, with more than 10,000 self-driving trucks already pre-ordered. The company’s PlusDrive technology is also in the final stages of certification for commercial operations in China, where Plus has developed an autonomous truck with FAW Group Corp., the world’s largest heavy truck maker.

The company’s technology can also be applied to existing trucks, with a rollout in the tens of thousands expected across the U.S., Europe and China in the year ahead.

“Plus is the only autonomous trucking company to start mass production of its autonomous driving system this year and this investment will help fuel plans to bring our automated trucks to market,” David Liu, co-founder and chief executive officer of Plus, said in a statement.

The news that Plus may be pursuing a SPAC merger versus a traditional initial public offering comes as TuSimple Inc., a company also developing self-driving truck technology, filed its IPO paperwork March 23.

Although both TuSimple and Plus are both based in the U.S. and have a range of Western investors, both have strong links to Chinese companies, some of which are state-owned. In the case of TuSimple, the company has caught the attention of the Committee on Foreign Investment in the U.S. because of its links to China and because autonomous driving technology is considered a critical technology for the U.S. Department of Defense.

Photo: Plus