TuSimple, a developer of self-driving commercial truck technology with major operations in Tucson, has raised an additional $120 million to advance its technology.
The San Diego-based company, which has its main test center and truck terminal on Tucson’s southeast side, said it secured commitments for an additional $120 million in funding in its Series D round.
On top of $95 million in initial funding announced in February, the new money pushed the total raised for the round to $215 million.
Previous investors include shipping giant UPS, which is conducting daily testing with TuSimple trucks between Phoenix and Tucson.
New investors in the latest round include CDH Investments, a Chinese investment firm, and South Korea-based Mando Corp., a major provider of components to auto manufacturers.
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The Series D round was led by Sina Corp., a leading Chinese technology company known for Weibo, one of the world’s most popular social media platforms.
TuSimple, which previously said it had achieved “unicorn status” with a valuation of $1 billion, said its investor funding totals $298 million to date.
The new funds will be used to expand long haul service for fleets and to co-develop a commercial self-driving truck with truck manufactures and their main parts suppliers, the privately held company said in a news release.
TuSimple and several development partners have been testing self-driving trucks in Tucson since 2017, with a driver and engineer in the vehicle under current rules governing autonomous trucking. The company has been carrying paid loads since last year.
UPS has been providing truckloads of goods for TuSimple to carry on a route along Interstate 10 between Phoenix and Tucson. In June, TuSimple completed a two-week pilot program with the U.S. Postal Service hauling mail between Phoenix and Dallas.
TuSimple employs more than 100 people in Tucson at its technology center and terminal on East Old Vail Road and has announced plans to add hundreds of workers in the next few years.
The company now has more than 50 trucks on the road worldwide, more than 18 contracted customers and more than 500 employees worldwide, said TuSimple Chief Financial Officer Cheng Lu.
Contact senior reporter David Wichner at dwichner@tucson.com or 573-4181. On Twitter: @dwichner. On Facebook: Facebook.com/DailyStarBiz