Self-Driving Truck Developer Raises $220 Million

April 2, 2021 1:55 am

Beijing (PingWest)—Self-driving truck developer announced on Wednesday that it has raised another $220 million in its latest fundraising round co-led by FountainVest Partners and ClearVue Partners.

The investment is an extension of the $200 million round announced last month, which was led by CPE and Guotai Junan International.

The new round also attracted investors including Quanta Computer Inc, 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 participated.

According to the company, the additional funds will enable to further expand its global operations and commercial deployment plans across the United States, China, Europe and other parts of Asia for its driver-in autonomous driving solution, PlusDrive.

Headquartered in Silicon Valley, was founded in 2016 to provide full-stack self-driving technology enabling large-scale autonomous commercial transport.

The company has established partnerships with leading truck manufacturers, shippers, and fleet operators. In mid-2019, it announced a joint venture with FAW Jiefang, China’s largest truck manufacturer, to develop autonomous trucks for the Chinese market. 

Currently, the company is in the final stages of certifying PlusDrive for commercial operation in China. Mass production for the PlusDrive-powered automated truck jointly developed with FAW Jiefang is set to start this summer.