Autonomous-driving trucking startup TuSimple raises additional $120 million to transform the $800 billion U.S. trucking industry
TuSimple, a San Diego-based autonomous trucking unicorn startup, has raised additional $120 million in Series D funding to expand long haul service for fleets and co-develop a commercial self-driving truck with OEMs and Tier 1 suppliers. The fresh fund, added with the $95 million raised in Februarym brings the total to $215 million. The round was Led by Sina Corp of Weibo fame, with participation from previous investor, UPS. New backers include CDH Investments and leading automotive tier-1 supplier Mando Corporation.
The investment from UPS is particularly the most significant one of all. TuSimple already has a great relationship with UPS. The startup has been quietly moving UPS loads around the country. The investment is a reaffirmation of UPS’ trust in TuSimple’s direction. Founded in 2015 by Jianan Hao, Mo Chen, and Xiaodi Hou, the San Diego-based TuSimple is a global self-driving truck company. The startup is developing a commercial-ready Level 4 (SAE) fully autonomous driving solution for the logistics industry. TuSimple’s trucks are the first and only capable of self-driving from depot-to-depot and do so every day for its customers.
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 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.”
TuSimple is moving quickly to bring commercial self-driving trucks to market. The company has grown rapidly 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 leaders UPS, the USPS and others.
“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.”
Below is a video of how TuSimple is revolutionizing the autonomous commercial trucking industry.