Autonomous Truck Startup Plus Secures $220M, Considers SPAC Merger
Plus raises $220 million in an extended funding round to accelerate the production of its self-driving trucks while actively negotiating a public listing via SPAC. The company stands out by preparing for mass production later this year with over 10,000 pre-orders already secured.
Autonomous truck startup Plus raises $220 million in a new funding extension led by FountainVest Partners and ClearVue Partners. The company also explores going public through a merger with a special purpose acquisition company, with Reuters reporting that an official announcement is expected within weeks. This latest financial boost builds upon a $200 million round raised earlier in February.
Plus plans to use the newly acquired capital to accelerate the production and delivery of its autonomous trucks and to enhance its research capabilities. Founded in 2016, the company develops full-stack self-driving technology that works closely with original equipment manufacturers to build safer trucks. Unlike many competitors, Plus already advances toward real-world deployment with its PlusDrive system in the final stages of commercial certification in China.
The startup demonstrates strong market demand by securing more than 10,000 pre-orders for its self-driving trucks ahead of mass production later this year. Plus is also developing an autonomous truck with FAW Group Corp., the world's largest heavy truck maker, and expects to roll out its retrofittable technology to tens of thousands of existing trucks across the U.S., Europe, and China in the near future.