ClearVue Partners co-leads USD 220 million Series C financing for autonomous trucking company Plus
Capital raise will take Plus's ambitions to the next level with proceeds going to R&D and testing
SHANGHAI, April 1, 2021 /PRNewswire/ -- Private equity firm ClearVue Partners yesterday announced the completion of a Series C funding round for Plus (formerly Plus.ai), a leading provider of self-driving truck technology in the US and China, raising USD 220 million. ClearVue is the co-lead investor of the financing round.
Plus specializes in developing full-stack self-driving technology to enable large scale autonomous commercial fleets. The firm is one of the most advanced autonomous trucking companies today in terms of technological progress and was the first to obtain California's Autonomous Testing License. The company was established in 2016 by a group of Stanford PhD classmates who saw the strong potential of artificial intelligence to transform the trillion-dollar commercial trucking industry.
Plus's mission is to make long-haul trucking safer, cheaper, more comfortable and better for the environment. Its automated driving system, PlusDrive, seeks to improve the lives of truck drivers around the world, while saving lives lost to heavy truck-related accidents and making our world greener through reduced carbon emissions. This technology has enormous potential in China, where the continuing economic shift towards consumption-led growth has created a golden era for transportation and logistics. Having established a joint venture with FAW Jiefang in China in 2019, PlusDrive powers the firm's flagship FAW J7+ truck product, which will be sold on China's dominant freight platform Full Truck Alliance, a platform that serves 10 million truckers and five million shippers.
The proceeds from this fundraising round will be used for research and development and further testing, as well as global commercialization and deployment of its automated trucking system.
David Liu, CEO and Co-founder of Plus, said, "We are extremely pleased to have completed our latest funding round and are proud to partner with ClearVue Partners as we embark on a new era of growth. This latest round of capital will enable us to accelerate the mass production of FAW J7+, which will soon cover all of China's 150,000km of highways in 2021."
William Chen, Founding Managing Partner of ClearVue Partners, commented, "Autonomous trucks are a game changer for the development of China's prospering logistics industry. We are delighted to work with Plus, which has established itself as a leader in autonomous trucking, proving that these vehicles can be cost-effective, save energy and save on labor force needs."
ClearVue Partners has extensive years of experience investing in expansion stage consumer companies at the cutting edge of technology in China. Some of the firm's successful investments include Pony.ai, China's leading autonomous driving company; 111 Inc. (Nasdaq:YI), China's leading online pharmacy; and Ping An Good Doctor (HK:1833), China's leading online healthcare ecosystem.
About ClearVue Partners
ClearVue Partners is a private equity fund focused on investments in the fast growing and dynamic consumer sector in the Greater China region, primarily in the consumer lifestyle, health & wellness, and digital consumer sub-sectors. ClearVue Partners targets growth stage investments in promising local companies, develops top-tier brands and businesses and enables market entry for leading international companies into China. The ClearVue Partners team has a unique combination of investment, consulting and senior operations experience from the US, Asia and Greater China, with an advisory group of recognized business pioneers in the consumer industry. For more information, please visit www.cvpcap.com
Plus is a world leader in self-driving truck technology. Headquartered in Silicon Valley with R&D offices in China, it was founded in 2016 by a group of serial entrepreneurs and industry veterans with over 20 years of experience in high tech and artificial intelligence. Plus specializes in providing full-stack self-driving technology to enable large scale autonomous commercial transport. Plus is currently working with some of the leading truck manufacturers, largest shippers, and top fleet operators in the U.S. and China.