Self-driving trucking startup PlusAI Inc. raised $200 million in recent capital from buyers together with a number of top-tier Silicon Valley venture-capital corporations in addition to a Chinese language funding agency and automotive corporations.
The funding will assist the Cupertino, Calif.-based startup because it begins mass manufacturing of its self-driving techniques this 12 months and goals to fill hundreds of preorders from Chinese language fleets in a joint effort with Chinese language truck producer FAW Jiefang, a part of state-owned FAW Group, Plus Chief Government and co-founder David Liu stated.
Plus may also use the capital to extend manufacturing for business shipments this 12 months within the U.S., Europe and elsewhere.
The funding comes as buyers have fueled opponents within the autonomous car sector whereas a crop of smaller self-driving startups stumbled final 12 months amid the pandemic. Financing for the capital intensive sector has more and more consolidated behind a choose few as timelines for mass business implementation of the know-how have been pushed out in recent times.
The Sequence B financing was led by Chinese language funding agency Guotai Junan Worldwide Holdings Ltd. , which relies in Hong Kong; London-based enterprise agency Hedosophia; and Wanxiang Worldwide Funding, an funding division of the Chinese language automotive parts agency Wanxiang Group. Buyers together with Menlo Park, Calif.-based enterprise corporations Sequoia Capital and Lightspeed Enterprise Companions, in addition to the enterprise arm of Chinese language state-owned auto maker SAIC Motor Corp. , additionally participated within the deal.