PlusAI Inc. is poised to raise roughly $200 million in a new funding round that could value the self-driving truck startup at more than $1 billion, Bloomberg News reported, citing people familiar with the matter.
The startup is looking for external investors to lead the round, according to one of the people, who added that existing investors Sequoia Capital China and Manbang Group, formerly known as Full Truck Alliance Group, are expected to participate in the fundraising.
PlusAI aims to use the funds to roll out trucks with partially automated driving capabilities. The company is also planning a joint venture with truck maker FAW Jiefang, a unit of Chinese auto manufacturer China FAW Group Corp., the newswire said.
A Sequoia representative declined to comment. Representatives for the startup, Manbang Group and FAW Jiefang said they have no immediate comment, Bloomberg added.
