Autonomous vehicles Start-ups

Autonomous Truck Start-Up Becomes Unicorn After Raising Further $95M

TuSimple, the U.S-Chinese driverless truck start-up, has raised $95 million in Series D fundraising efforts. The latest funding drive was led by Sina Corp. Investors in this round of funding included Composite Capital, a Hong Kong-based Investment firm who focuses on consumers, technology and transportation. Sina also invested in earlier rounds, as did Nvidia and U.K.-based ZP Capital.

TuSimple’s total funding to date is now thought to be approximately $180 million.

“TuSimple consistently reaches their milestones on and ahead of schedule and we are confident that they are poised to bring the first commercial self-driving trucks to market,” Colin Xie, vice general manager of investments at Sina Corp., said in statement.

The company is based in San Diego and has an engineering facility and truck depot in Tucson, Arizona. TuSimple has been hauling revenue-generating loads since last year. TuSimple’s trucks are 100% autonomous, operating on highways and roads in Arizona to deliver goods to their twelve contract customers. TuSimple plans for the latest funds are to expand the current fleet from eleven to fifty driverless trucks by June 2019.

TuSimple, which has been in operation since 2015 has been given unicorn status, according to Business Insider, with a valuation of $1 billion.