- Plus (formerly known as Plus.ai) – a leading provider of self-driving truck technology — announced recently that it has raised $220 million in a new round of funding
Plus (formerly known as Plus.ai) – a leading provider of self-driving truck technology — announced recently that it has raised $220 million in a new round of funding co-led by FountainVest Partners and ClearVue Partners with participation from Quanta Computer, Phi Zoyi Capital, and Millennium Technology Value Partners.
The company’s existing investors including Sequoia Capital China, SAIC Capital, and Full Truck Alliance (FTA) also joined the round. And this investment is an extension of the $200 million round announced last month – which was led by CPE and Guotai Junan International. The additional funding will enable Plus to further expand its global operations and commercial deployment plans across the U.S., China, Europe, and other parts of Asia for its driver-in autonomous driving solution PlusDrive.
The company is in the final stages of certifying PlusDrive for commercial operation in China. And mass production for the PlusDrive-powered automated truck jointly developed with FAW, the world’s largest heavy truck maker, is set to start this summer. And Plus is working with some of the largest fleets in the U.S. and China, such as SF Express (China’s largest logistics company) to pilot commercial freight operations. Truck makers and fleet partners are recognizing the multitude of benefits delivered by PlusDrive in terms of improved safety, efficiency, comfort, and sustainability.
KEY QUOTES:
“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. We are grateful to our investors, partners, customers, and team for sharing in our vision to make trucking safer and greener.”
— David Liu CEO and Co-founder of Plus
“Self-driving technology will be transformational for the trucking industry by making our world safer and greener, and helping fleets drive more fuel efficiency and reduce operating costs. With the mass production of its autonomous driving system this year, Plus is hitting an important inflection point for the company. We’re thrilled to contribute to the company’s success.”
— Alex Zhang, Partner and Head of the Industrial group at FountainVest
“Autonomous driving is going to revolutionize the world, across consumer and commercial applications, and ClearVue has been at the forefront of investing in the leading companies bringing autonomy solutions to market. We are confident in Plus and its ability to deliver, and excited to help accelerate its growth plans.”
— Kathleen Ying, Partner at ClearVue
“Speeding up the development of autonomous trucking technology will create immense economic and environmental impact. Plus is well poised to take a leadership role in driving this fundamental change in the transportation industry, and we are proud to support them in this important mission.”
— Peter Chiu, head of private equity, Guotai Junan International
“Through its innovations in autonomous driving technology and business model, Plus has started to deliver the benefits of autonomous trucking by applying the technology to trucks today. The thoughtful approach that Plus is taking to build a sustainable company will pave way for its continued success.”
— Gordon Wan, Principal at SAIC Capital
