Autonomous driving company TuSimple has announced that it has secured US$215m in funding following an extended and oversubscribed Series D investment round.
The round was lead by technology company Sina – known for the social media platform Weibo – and includes previously announced investor UPS and new participants CDH Investments and automotive tier-1 supplier Mando Corporation.
The new funds will be used to expand long haul service for fleets and co-develop a commercial self-driving truck with OEMs and tier 1 suppliers.
Cheng Lu, CFO, TuSimple, said: “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.
“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.”
TuSimple is moving quickly to bring commercial self-driving trucks to market. The company has grown to over 500 employees worldwide and is executing daily runs in Arizona for its customers.
At the same time, TuSimple is working on the validation of its self-driving truck solution with logistics companies UPS, the United States Postal Service and others.
UPS’s investment marks a first-of-its-kind strategic investment from a shipper into self-driving trucks. Currently UPS and TuSimple conduct daily testing between Phoenix and Tucson.
