Autonomous driving company, TuSimple, recently announced that it has secured commitments for an additional $120 million in Series D funding.
These funds are part of an extended Series D round that was oversubscribed and reached a total of $215 million. The round includes previously announced investor UPS, the global logistics leader. New participants in the round include CDH Investments and leading automotive tier-1 supplier Mando Corporation. It was led by SINA, a technology company known for social media platforms, Weibo.
Founded in 2015, and headquartered in San Diego, TuSimple is developing a commercial-ready Level 4 (SAE) fully autonomous driving solution for the logistics industry. It claims to be only self-driving truck company capable of driving from depot-to-depot without human intervention and do so every day for its customers. It is moving quickly to bring commercial self-driving trucks to market and has grown rapidly to over 500 employees worldwide.
The company previously achieved unicorn status with a valuation of $1 billion, and the new investment brings its 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.