Chinese driverless truck startup TuSimple announced the completion of US$95-million in D round financing led by Sina Capital, forming a new valuation of more than US$1 billion, Yicai.com reported.
As of now, TuSimple’s accumulated financing has reached US$178 million.
Founded in 2015, the company has focused on developing a commercial L4 driverless truck solution. The L4 level is highly automated and unmanned which means the machine is responsible for driving behaviour and can be driven without a driver, but only in a limited area.
“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 Xiaodi Hou, the company’s chief tech officer.
At present, TuSimple has R&D centers in both China and the US. The demand for trucks in China is about 6 million vehicles, and the US needs about 3.5 million, said Chen Mo, CEO.
Also, it is estimated that the combined market size of the freight industry of China and the US is as large as US$1.5 trillion, the company said.