Autonomous trucking software firm PlusAI to go public in $800 million SPAC deal
FILE PHOTO: U.S. 100 dollar banknotes are seen in this picture illustration taken in Kiev, Ukraine, October 31, 2016. REUTERS/Valentyn Ogirenko/Illustration
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Sept 3 : PlusAI has agreed to go public through a merger with blank-check firm Texas Ventures Acquisition III Corp in a deal valuing the autonomous trucking software developer at about $800 million in pre-money equity value, the companies said on Thursday.
The deal comes as self-driving truck companies move from years of road testing to commercial services, with fleet operators exploring the technology to lower logistics costs and ease driver shortages.
Here are some more details:
• The transaction could provide PlusAI with $300 million in capital, including more than $60 million of committed financing and roughly $236 million held in the SPAC’s trust account, the companies said.
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• The Santa Clara, California-based company develops SuperDrive, a Level 4 autonomous driving system designed for commercial trucks, and is targeting a commercial launch in 2027.
• It said its HyperFoundry software development platform has generated $25 million in revenue, while the company overall is targeting $40 million to $50 million in contracted revenue in 2026.
• The deal follows the Nasdaq debut of Swedish electric and autonomous trucking firm Einride in June through a SPAC merger that valued it at about $1.35 billion.
• PlusAI is operating autonomous freight routes in Texas with transport companies Ryder and International, while working with global truck makers to develop factory-built self-driving trucks.
Source: Reuters
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