Autonomous truck enterprise TuSimple raises almost $100M in Series D

TuSimple will use the funding to expand its self-driving truck fleet.

Renowned self-driving truck company TuSimple has made it to the headlines for having successfully raised substantial capital in a new funding round. As per credible reports, the startup has come up with a staggering USD 95 million in a Series D round that now brings its total accumulated capital to around USD 178 million.

As per sources familiar with the matter, the capital accrued is expected to help the company fast-track joint development projects with pivotal suppliers and vehicle manufacturers and in fleet expansion. A report from Forbes affirms the same, claiming that the company plans to expand its robot semi-trucks fleet from the existing 12 to 50 by June 2019. In addition, the firm will also expand its coveted team of developers.

Sina Corp. is reportedly the leading investor in TuSimple's latest funding round. Speaking on the capital raised, Colin Xie, Vice General Manager, Investment Department, Sina Corp., was quoted stating that TuSimple is renowned to hit milestones consistently, on and ahead of schedule. Sina is confident that the firm will bring forth the first commercial self-driving trucks to the market, Xie added further.

As per sources familiar with the matter, TuSimple is enmeshed in a fierce competition with other players in the self-driving truck market, and plausibly aims to overthrow the trucking industry that is liable to contribute a mammoth USD 800 billion annually to the U.S. economy. Industry experts however, view trucking to be the debut autonomous technology application in the market, and forecast TuSimple to lead the race in the self-driving trucking industry.

A statement by TuSimple states that the company’s self-driving system is designed to control trucks from depot to depot and is inclusive of operations via intersections and on surface streets, validating the firm’s commitment toward self-driving trucking market.