TuSimple Closes $95M Round at $1B Valuation
February 13, 2019
Newly minted unicorn will use funds to accelerate commercialization of
the world's first driverless truck solution
has raised $95 million USD in Series D funding based on a pre-money
valuation of $1 billion USD. The new capital investment will be used to
fund TuSimple's commercial ramp-up and product development.
With this round, TuSimple will continue to grow its commercial
autonomous fleet, which makes daily fully-autonomous deliveries in
Arizona, and soon in Texas, for large shippers and fleets. The fleet
allows the company to earn revenue while validating its SAE Level 4
fully-autonomous system. The company currently has 12 contracted
customers and is making three to five delivery trips per day. It will
use the funds to grow the fleet to over 50 trucks by June.
The investment will also be used to fund critical joint production
programs with its OEM, Tier 1, and sensor partners in order to achieve
full commercialization. Suppliers essential to truck manufacturing are
working with TuSimple on the integration of autonomous software with
powertrain, braking and steering systems, an essential step for the
commercial production and operation of self-driving trucks.
The $95 million financing was completed in December 2018. This brings
TuSimple's total funding to date to $178 million. This latest round was
led by Sina, a technology company widely recognized for developing Weibo,
one of the world's most popular social media platforms. Composite
Capital, a Hong Kong-based investment firm focused on consumer,
technology and transportation companies globally also participated in
"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," said Colin Xie, Vice General Manager,
Investment Department, Sina Corp. "We are focused on finding the global
leaders in artificial intelligence and TuSimple is ahead of the pack.
The combination of technical excellence and an impressive leadership
team has propelled the company into unicorn status."
driving is one of the most complex AI systems humans have ever built.
After three years of intense focus to reach our technical goals, we have
moved beyond research into the serious work of building a commercial
solution," said Dr. Xiaodi Hou, Founder, President and Chief Technology
Officer, TuSimple. "We are thankful for the continued support of our
investors and partners. This is not only a great sign of confidence in
TuSimple, but also for the future of autonomous trucking."
TuSimple's Level 4 fully-autonomous semi-trucks are the only trucks
capable of driving from depot-to-depot without human intervention. To
support Level 4 driving on complex highway and local streets, the
company has developed an innovative camera-centric perception solution
that allows TuSimple's trucks to see 1,000 meters ahead of the vehicle.
The vision range is farther and delivers better visibility than any
other autonomous driving system today. This level of performance is
essential for autonomous commercial trucks to operate safely at highway
speeds — rain or shine.
TuSimple is aiming to transform the $800-billion U.S. trucking industry
by increasing safety, lowering costs, reducing carbon emissions and
providing tools to optimize fleet logistics for operators.