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For TuSimple, The Money Spigot Continues To Flow

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For TuSimple, The Money Spigot Continues To Flow

Autonomous trucking outfit TuSimple has secured commitments for an additional $120 million in Series D funding. The funds are part of an extended Series D round that was oversubscribed and reached a total of $215 million. 

The latest raise, announced on Sept. 17, includes UPS Inc (NYSE: UPS), the logistics giant that in August revealed it had been moving freight in TuSimple trucks on a route in Arizona

New investors CDH Investments, Lavender Hill Capital, an investment firm based out of Hong Kong, and automotive Tier 1 supplier Mando Corporation also participated.

"It's highly gratifying to see such strong interest in TuSimple from investors and industry leaders alike, and we are grateful for the support of our committed investors," said Cheng Lu, chief financial officer for TuSimple, in a release. 

Founded in 2015, TuSimple has grown to 500 employees worldwide and is executing daily runs in Arizona for around 18 contracted customers. In addition to UPS, the company has also tested its technology with the U.S. Postal Service.

The new funds will be used to expand long-haul service for fleets, the company said, and to co-develop a commercial self-driving truck with OEMs and Tier 1 suppliers.

"TuSimple's technology is at a pivotal point for maturity and it has huge market potential," said  Jae Chung, CFO of Mando, in the release. "[This is] why we wanted to deepen our relationship with TuSimple and become a strategic investor." 

News of the raise comes as other self-driving trucking startups are ramping up partnerships with business leaders that enable deeper market penetration. Earlier this month, Sequoia-backed Plus.ai set up a self-driving joint venture with FAW, China's largest truck manufacturer.

Image Sourced from Pixabay

Posted-In: autonomous trucking Freight Freightwaves LogisticsNews Markets Tech General

 

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