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Autonomous-Truck Company Raises $120 Million
TuSimple Inc., a San Diego-based startup that supplies autonomous driving technology for commercial truck applications, has raised $120 million in its latest funding round.
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TuSimple Inc., a San Diego-based startup that supplies autonomous driving technology for commercial truck applications, says it has raised $120 million in its latest funding round.
With the new investment, TuSimple has raised nearly $300 million since it was founded in 2015. The company plans to use the funds to further develop its technology and expand testing.
United Parcel Service Inc., which began testing TuSimple’s technology on Arizona highways this year, acquired an unspecified minority stake in the startup last month. TuSimple also is working with Amazon.com on similar tests and conducted a two-week pilot program with the U.S. Postal Service in May.
Among the new participants in the latest funding are South Korean supplier Mando, CDH Investments and Lavender Hill Capital. Other investors include Sina, Nvidia, Composite Capital Management and ZP Capital.
TuSimple also operates a fleet of some 50 Class-8 trucks that are capable of Level 4 autonomy. Using an eight-camera array and other sensors, the trucks can detect vehicles, pedestrians and other obstacles up to 1,000 meters (3,280 ft) away.
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