Gunderson Dettmer advised TuSimple on the transaction
TuSimple, a global self-driving truck company, 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 Corp. (NASDAQ: SINA), a leading 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 this round.
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.
Gunderson Dettmer advised TuSimple with a team including Zhen Liu (Picture), Huihui Cai and Mabel Ding.
Law Firms: Gunderson Dettmer;
Clients: TuSimple Inc.;