CUPERTINO, Calif.–(BUSINESS WIRE)–Plus (previously Plus.ai), a number one supplier of self-driving truck know-how, at the moment introduced it has added $220 million in new financing co-led by FountainVest Companions and ClearVue Companions, with participation from Quanta Pc Inc., Phi Zoyi Capital, and Millennium Expertise Worth Companions. The corporate’s present traders together with Sequoia, SAIC Capital, and Full Truck Alliance (FTA) additionally participated. This funding is an extension of the $200 million spherical introduced final month, which was led by CPE and Guotai Junan Worldwide.
The extra funds will allow Plus to additional broaden its world operations and industrial deployment plans throughout the U.S., China, Europe and different components of Asia for its driver-in autonomous driving resolution, PlusDrive. The corporate is within the closing levels of certifying PlusDrive for industrial operation in China. Mass manufacturing for the PlusDrive-powered automated truck collectively developed with FAW, the world’s largest heavy truck maker, is about to begin this summer time. Plus is working with among the largest fleets within the U.S. and China, corresponding to SF Specific, China’s largest logistics firm, to pilot industrial freight operations. Truck makers and fleet companions acknowledge the multitude of advantages delivered by PlusDrive when it comes to improved security, effectivity, consolation, and sustainability.
“Plus is the one autonomous trucking firm to begin mass manufacturing of its autonomous driving system this yr and this funding will assist gasoline plans to convey our automated vehicles to market,” stated David Liu, CEO and Co-founder, of Plus. “We’re grateful to our traders, companions, prospects, and group for sharing in our imaginative and prescient to make trucking safer and greener.”
Alex Zhang, Associate and Head of the Industrial group at FountainVest, stated: “Self-driving know-how shall be transformational for the trucking business by making our world safer and greener, and serving to fleets drive extra gasoline effectivity and cut back working prices. With the mass manufacturing of its autonomous driving system this yr, Plus is hitting an vital inflection level for the corporate. We’re thrilled to contribute to the corporate’s success.”
“Autonomous driving goes to revolutionize the world, throughout client and industrial purposes, and ClearVue has been on the forefront of investing within the main corporations bringing autonomy options to market. We’re assured in Plus and its capability to ship, and excited to assist speed up its development plans,” stated Kathleen Ying, Associate at ClearVue.
Peter Chiu, head of personal fairness, Guotai Junan Worldwide, stated: “Dashing up the event of autonomous trucking know-how will create immense financial and environmental affect. Plus is nicely poised to take a management function in driving this basic change within the transportation business, and we’re proud to help them on this vital mission.”
“Via its improvements in autonomous driving know-how and enterprise mannequin, Plus has began to ship the advantages of autonomous trucking by making use of the know-how to vehicles at the moment,” stated Gordon Wan, Principal at SAIC Capital. “The considerate strategy that Plus is taking to construct a sustainable firm will pave method for its continued success.”
Plus is a world chief in self-driving truck know-how. Headquartered in Silicon Valley, the corporate was based in 2016 by a bunch of serial entrepreneurs and business veterans, every with over 20 years of expertise in excessive tech and synthetic intelligence. Plus is making use of full-stack self-driving know-how to vehicles at the moment to allow massive scale autonomous industrial transport. Plus is at present working with among the main truck producers, largest shippers, and high fleet operators to start mass manufacturing of its automated driving system. For extra info, please go to www.plus.ai.
About FountainVest Companions
FountainVest Companions is a longtime, unbiased personal fairness agency in Asia managing property on behalf of the world’s main public pensions, sovereign wealth funds, and different institutional traders. It focuses on long-term investments in business leaders, partnering carefully with administration groups to unlock worth and drive development, all whereas in search of to make a optimistic affect within the communities by which it really works. FountainVest has a powerful observe document, having accomplished quite a few landmark investments throughout the globe in a number of sectors, together with client, media, know-how, healthcare, industrials, and monetary and enterprise companies. Its portfolio corporations within the industrial sector embody Key Security System (KSS), and BMTS Expertise, and CJ Rokin, China’s largest chilly chain logistics firm.
About ClearVue Companions
ClearVue Companions is a personal fairness agency targeted on investing in fast-growing corporations which might be knowledgeable by information and powered by know-how. The agency invests in enlargement stage corporations which have demonstrated a strong observe document of success, have a powerful administration group, and are poised for accelerated development. Amongst ClearVue’s portfolio corporations are Pony.ai and Ping An Good Physician. The fund’s strategic advisors embody Roland Berger, founding father of consultancy Roland Berger GmbH; Fred Langhammer, Chairman, International Affairs of Estée Lauder; and Ram Krishnan, President & CEO of Larger China Area for PepsiCo.
About Quanta Pc Inc.
Quanta Pc Inc. is a Fortune International 500 Firm and the world’s main supplier for pocket book computer systems, datacenter gear, automotive electronics, enterprise community techniques, cellular communication, and different know-how merchandise. The corporate has manufacturing websites throughout the Americas, Europe, and Asia.
About Phi Zoyi Capital
Phi Zoyi Capital is a number one Larger China based mostly personal fairness fund targeted on world funding alternatives within the automotive and high-tech sectors. Buyers of the fund embody ASE group, world’s largest semiconductor meeting and take a look at supplier, in addition to MediaTek, the world’s 4th largest world fabless semiconductor firm.
About Millennium Expertise Worth Companions
Millennium New Horizons is the newest fund launched by Millennium Expertise Worth Companions to concentrate on the agency’s pursuit of superior applied sciences corresponding to Synthetic Intelligence, Autonomous Driving, Robotics, Sensors, and Large Knowledge which might be more and more shaping the way forward for work, enterprise, and life. Millennium’s portfolio corporations embody Aurora, Blackmore, Fb, Joby Aviation, Spotify, and Twitter.
About SAIC Capital
SAIC Capital is a company enterprise capital agency fashioned in 2014 and based mostly in Silicon Valley. Its goal is to determine SAIC, China’s largest carmaker, as a serious participant in growing modern know-how for the transportation business. Its areas of funding embody: various power options, autonomous driving, linked autos (IoT), and large information.