TuSimple, a startup that’s creating self-driving expertise for heavy-duty vans, has raised about $350 million in a Sequence E spherical closing this month, at the least $50 million greater than it had focused, in line with two individuals accustomed to the matter.
The spherical is being led by consulting and funding agency VectoIQ, led by Steve Girsky, and consists of extra funding from present truck-building companions Navistar and Volkswagen’s Traton Group, a freight rail operator and grocery retailer, in line with the individuals, who declined to be named forward of a proper announcement. Girsky, who’s additionally chairman of hydrogen truck startup Nikola, declined to remark.
TuSimple President Cheng Lu instructed Forbes in September that the corporate hoped to lift as much as $300 million within the spherical. If it has introduced in $350 million, that may be its largest increase up to now and increase cumulative funding to about $600 million. The intently held firm, which generates a small quantity of income hauling freight for industrial clients, was valued at $1.12 billion previous to the Sequence E, in line with PitchBook.
A TuSimple spokeswoman declined to touch upon the corporate’s newest funding spherical.
TuSimple, begun in 2015 by laptop scientist Xiaodi Hou when he was ending his Ph.D. at Caltech, has been a quick mover within the race to get driverless semis on the highway in competitors with corporations together with Waymo, the longtime chief in self-driving automobiles, and startups Embark Vans and Kodiak. It has growth offers with Traton and Navistar (which Traton just lately acquired), hauls hundreds for purchasers together with UPS and 48 autonomous vans working on highways within the Southwest. (Presently, security drivers stay behind the wheel always.)
Moreover, intently held TuSimple intends to finally checklist shares through a conventional IPO and never by means of a SPAC merger, the individuals mentioned, with out elaborating.
TuSimple’s U.S. operations are primarily based in San Diego and its primary engineering depot is in Tucson, Arizona. It additionally just lately opened an extra truck depot in Dallas.