Autonomous trucker TuSimple raises $215 million in Series D
Autonomous trucking company receives investment from strategic partners UPS and Mando in round it says was oversubscribed
Autonous truck company TuSimple has announced secured commitments for an additional $120 million in Series D funding that takes its total capital raised in this extended round to a total of $215 million.
The Series D round was led by SINA, (NASDAQ: SINA), a leading technology company known for Weibo, one of the world's most popular social media platforms.
Currently UPS and TuSimple are conducting daily testing between Phoenix and Tucson.
TuSimple previously achieved unicorn status with a valuation of $1 billion, and the new investment brings TuSimple's total funding to $298 million to date. The new funds will be used to expand long-haul service for fleets and to co-develop a commercial self-driving truck with OEMs and Tier 1 suppliers.
"TuSimple continues to impress the automotive and investor community with its progress towards creating the world's first commercial self-driving truck solution," said Jae Chung, CFO, Mando. "TuSimple's technology is at a pivotal point for maturity and it has huge market potential, which is why we wanted to deepen our relationship with TuSimple and become a strategic investor."
"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, TuSimple. "With over 50 trucks on the road worldwide and more than 18 contracted customers, we are excited about the momentum the company has achieved in four short years."