TuSimple, a global autonomous truck company, has secured commitments for an additional $120 million in funding. Its new Asian investors include SINA, a leading Chinese technology company known for Weibo, a popular social media platforms.
Other investors include the South Korean automotive tier-1 supplier Mando Corporation and Hong Kong’s CDH Investments.
TuSimple previously announced that UPS had made a minority investment in the U.S. company.
Cheng Lu, Chief Financial Officer, TuSimple says: “It’s highly gratifying to see such strong interest in TuSimple from investors and industry leaders alike, and we are grateful for the support of our committed investors. With over 50 trucks on the road worldwide and more than 18 contracted customers, we are excited about the momentum the company has achieved in four short years.”
Jae Chung, CFO, Mando, adds: “TuSimple continues to impress the automotive and investor community with its progress towards creating the world’s first commercial self-driving truck solution. TuSimple’s technology is at a pivotal point for maturity and it has huge market potential, which is why we wanted to deepen our relationship with TuSimple and become a strategic investor.”
TuSimple is headquartered in San Diego and operates self-driving trucks out of Tucson, Arizona. It was founded in 2015.