A Chinese self-driving truck startup attracted $120 million of funding from a group of investors including package logistics giant UPS.
TuSimple, based in San Diego and Beijing, said Tuesday that other investors in its Series D round of financing include Chinese private equity firm CDH Investments and Korean auto parts supplier Mando Corp.
TuSimple raised $95 million in a funding round in February led by Chinese internet giant Sina Corp. At that time, the company was valued at $1 billion. The new investment brings TuSimple’s total funding to $298 million.
The company said the new funds will be used to expand long-haul services for fleets and develop a commercial self-driving truck.
TuSimple is working on the validation of its self-driving truck solution with UPS and the U.S. Postal Service, aiming to transform the $800 billion U.S. trucking industry, the company said in a press release. Currently UPS and TuSimple conduct daily testing between Phoenix and Tucson.
The company has 50 trucks on the road worldwide serving 18 contracted customers.
Contact reporter Denise Jia (email@example.com)