FountainVest, ClearVue back China self-driving truck player

Quanta Computer, Phi Zoyi Capital, and Millennium Technology Value Partners also came in as new investors. They were joined by existing backers Sequoia Capital China, SAIC Capital, and Full Truck Alliance. This investment is described as an extension to a $200 million round announced in February that was led by CPE and Guotai Junan International.

Trucking has emerged as a popular niche in the world of autonomous driving. While robotaxi services remain the mainstream target, trucks can offer a shorter route to commercialization: the addressable market is large, highways are easier to navigate than downtown roads, and most importantly, there is no need for a safety driver when transporting goods.

Last month, TuSimple, a trucking specialist, became the first representative from China’s autonomous driving industry to file for an IPO. Other start-ups active in the space include Inceptio, while several robotaxi players – such as Pony.ai and AutoX – have looked to expand into trucking.

Partnerships with traditional original equipment manufacturers (OEMs) are critical to the ambitions of most of these companies. Plus is no exception. Its PlusDrive system is close to receiving certification in China, with mass production – in conjunction with FAW, a state-owned automotive manufacturer and the world’s largest heavy truck maker – set to begin in the summer.

The new model, FAW J7+, is capable of level-three (L3) autonomy, where drivers are still necessary but safety-critical functions are performed autonomously. Plus has previously described its approach to technology as incremental – focusing on L3 rather than jumping straight to L4 to speed up commercialization and achieve standardization across truck fleets, which can lead to greater cost savings.

The company is working with several fleet operators on pilot commercial freight projects. A pilot with SF Express started running supervised autonomous trucks on routes between Wuhan and Wuxi and Wuhan and Changsha last December.

“Self-driving technology will be transformational for the trucking industry by making our world safer and greener, and helping fleets drive more fuel efficiency and reduce operating costs. With the mass production of its autonomous driving system this year, Plus is hitting an important inflection point for the company. We’re thrilled to contribute to the company’s success,” Alex Zhang, a partner at FountainVest, said in a statement.

Plus, previously known as Plus.ai, was founded in 2016. Its other investors include China Growth Capital, GSR Ventures, Lightspeed China Partners, and Chinese automotive parts supplier Wanxiang.

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• Topics
• Greater China
• Expansion
• Technology
• China
• automobiles
• Transportation
• Growth capital
• Fountainvest Partners
• ClearVue Partners
• Sequoia Capital
• SAIC Capital