TuSimple, an autonomous driving truck developer and solutions provider, has secured US$120 million in an extended series D round which was oversubscribed and reached a total of US$215 million, according to a statement released on TuSimple’s WeChat official account on Tuesday.
Investors in this round include U.S.-based logistics giant UPS, Chinese private equity firm CDH Investments and Korea’s automotive tier-1 supplier Mando Corporation.
TuSimple previously achieved unicorn status with a valuation of US$1 billion after it secured US$95 million in series D round led by Chinese internet magnate Sina Corp in February 2019.
TuSimple was founded in 2015 to operate as a level 4 autonomous truck driving solutions provider. With a foundation in computer vision, algorithms, mapping, and AI, the company currently makes deliveries in the U.S. state of Arizona on highways and local streets for 18 customers and plans to expand its operations to Texas.
“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 of Mando Corporation. “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.”
Proceeds of this round will be used to expand long haul service for fleets and co-develop a commercial self-driving truck with original equipment manufacturers (OEMs) and tier-1 suppliers.
The latest round takes the aggregate capital raised by TuSimple to date to US$298 million. The company previously collected US$55 million in a series C funding round led by Fuhe Capital in November 2017. American chipmaker Nvidia, which backed its series B round of financing in August 2017, acquired a 3% stake in TuSimple.