TuSimple seeking $250 million in new funding to scale self-driving trucks – TipsClear
TuSimple, Self-driving truck startup backed by Sina, Nvidia, UPS and Tier 1 supplier Mando Corporation is coming back to the market in search of new capital from investors. According to several sources familiar with the effort, the company hired investment bank Morgan Stanley to help raise $ 250 million.
Morgan Stanley Recently an informative packet has been sent to potential investors, overseen by TipsClear, which provides a snapshot of the company and an overview of its business model, as well as why the company is ready to succeed – investors All standard fares for companies wanting to.
TuSimple declined to comment.
TuSimple comes on the ramp amid an increasingly crowded pool of potential rivals as they seek new capital.
The TuSimple is a unique animal in the niche category of self-driving trucks. It was established in 2015 at a time when most of the attention and capital in the autonomous vehicle industry focused on passenger cars, and more specifically robotaxis.
Autonomous trucking existed in relative ambiguity until Google’s high-profile engineers launched Otto, a self-driving truck startup quickly acquired by Uber in August 2016. Startups also launched in Embark and now Defunct Starsky Robotics 2016. Meanwhile, TuSimple grew quietly. In late 2017, TuSimple raised $ 55 million with plans to use those funds to test two full truck fleets in China and the US, by 2018 TuSimple began testing on public roads, beginning with Tucson and The 120-mile highway from Phoenix resulted from the highway. Another section in Arizona and in Shanghai.
Others have emerged in two years, including I.K. And Kodiak Robotics. Even Waymo is chasing self-driving trucks. Waymo has talked about trucks since at least 2017, but its self-driving truck division began operating exclusively after April 2019, when it launched more than a dozen engineers and former consumer CEO startup Unki Hired robotics. More recently, Amazon-backed Aurora has stepped into trucks.
TuSimple stands out for several reasons. It has managed to raise $ 298 million with a valuation of over $ 1 billion, putting it in unicorn status. It has a large workforce and well-known partners like UPS. It also has R&D centers and test operations in China and the United States. Research and development of TuSimple takes place in Beijing and San Diego. It has testing centers in Shanghai and Tucson, Arizona.
The us Its relations and operations in China can be seen as an advantage or potential risk due to the current tensions with. Some of Tusimpal’s initial investors are from China, along with its founding team. Sina, the operator of Weibo, China’s largest microblogging site, is one of Tusimple’s early investors. Hong Kong-based investment firm and past investor Composite Capital is also an investor.
In recent years, the company has worked to diversify its investor base, bringing in established North American players. UPS, a customer, took a minority stake in TuSimple in 2019. The company announced that it added $ 120 million for a Series D funding round led by Cena. The round included new participants such as CDH Investments, Lavender Capital and Tier 1 supplier Mando Corporation.
TuSimple has continued its operations. By March 2020, the company was making about 20 autonomous trips between Arizona and Texas each week with a fleet of over 40 autonomous trucks. All trucks have a human safety operator behind the wheel.