Chinese self-driving truck startup PlusAI, Inc., has raked in $200 million in a new funding round to accelerate its global expansion plans.
An earlier Bloomberg report in August 2019 had pegged the valuation of PlusAI at over $1 billion.
The round has been led by Guotai Junan International Holdings, with participation from new investors namely CITIC Private Equity Funds Management (CPE) and Wanxiang International Investment.
A slew of existing investors re-upped in the transaction – these include Sequoia Capital China, US global venture capital firm Mayfield Fund, SoftBank-backed Chinese long-haul truck major Full Truck Alliance (FTA), Lightspeed China Partners, early-stage focused GSR Ventures, state-backed SAIC Motor, and China Growth Capital, the investee said in a WeChat post.
PlusAI will invest the proceeds to expedite its mass production of large-scale autonomous trucks.
With R&D centres across Beijing, Shanghai and Suzhou, PlusAI specializes in using full-stack self-driving technology to develop commercial trucks. Co-founded by CEO David Liu in 2016, the startup has successfully conducted road tests in the US and China.
Previously in 2018, Sequoia Capital China along with FTA and GSR invested an undisclosed sum in PlusAI’s Series A+ round to help deliver 1,000 trucks by the end of 2020.