Self-driving Truck Technology Firm Plus Raises $220 Million in New Funding

The company has R&D offices in Silicon Valley, Beijing and Suzhou. (Source: Plus)

Chinese truck autonomous driving company Plus, formerly Plus.ai, has raised $220 million in a new round of financing led by FountainVest Partners and ClearVue Partners, the company announced on Wednesday.

Quanta Computer, Phi Zoyi Capital, and Millennium Technology Value Partners also participated in the investment, which is an extension of the $200 million round announced last month.

The previous round of financing was led by CPE and Guotai Junan International.

Plus aims to use the fresh funds to expand its global operations and commercial deployment plans across the US, Europe, China, and other parts of Asia. The plan is centered around its autonomous driving solution, PlusDrive, which is in the final stages of being certified for commercial operations in China.

SEE ALSO: Chinese Carmaker SAIC Teams Up with Lidar Specialist Luminar to Make New Self-Driving Cars

“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,” said Co-founder and CEO David Liu.

The firm’s self-developed PlusDrive solution enables large-scale autonomous commercial transport, which aims to make long-haul trucking safer, cheaper, and better for the environment.

The company, which has R&D offices in Silicon Valley, Beijing and Suzhou, has established a joint venture with state-owned automotive FAW Group in 2019 to power the latter’s FAW J7+. Mass production of the jointly-developed truck is expected to begin this year.

Plus is also working with logistics companies such as SF Express and Guangzhou Xin Zhihong to pilot commercial freight operations in China.