TuSimple, a San Diego, CA and Beijing, China-based autonomous trucking company, raised $55m in Series C funding.
The round was led by Composite Capital with participation from existing investors Sina and ZP Capital. Previous investors include artificial intelligence computing company Nvidia.
The company intends to use the funds to scale testing to two full truck fleets, one in China and one in the U.S., building out a production engineering team in Tucson, Arizona, as well as to further its commitment to research and development in San Diego and Beijing.
Led by Mo Chen, CEO, TuSimple provides a full-stack solution that brings together technology for perception, localization, mapping, motion planning, control and actuation for use in autonomous trucking. The company combines data from cameras and radars through advanced sensor fusion to detect and track objects at distances over 200 meters. TuSimple’s localization technology achieves consistent decimeter-level precision, even in challenging environments such as tunnels. Meanwhile, its decision-making system dynamically adapts to road conditions, changing lanes and adjusting driving speeds to maximize safety and efficiency.
The company focuses on line-haul trucking, transporting cargo between ports, plants, warehouses, and distribution centers.
This month, TuSimple demonstrated its SAE Level 4 self-driving system in Shanghai, China; and is ramping up deployment efforts in the US, starting in Tucson, Arizona. The company is scheduled to begin testing its L4 truck platform in Arizona by the end of 2017.
FinSMEs
28/11/2017