TuSimple, a Tucson, Ariz.-based self-driving truck startup, raised $95 million in Series D funding at a pre-money valuation of $1 billion led by China's Sina Corp.
Why it matters: Because the widespread adoption of autonomous trucks could move significantly faster than that of autonomous cars (even ride-hail), due to the high costs and human safety requirements (read: sleep) of long-haul trucking.
No, this is not the same as Rivian, which Amazon and GM reportedly may invest in. That's self-driving pickup trucks. It's closer to Ike, which last week raised $52 million.
- The bottom line: "Today, TuSimple is taking three to five fully autonomous trips per day for customers on three different routes in Arizona.... Now, it’s ready to ramp up further ... [with] plans to expand its daily 'fully-autonomous' commercial deliveries to Texas. The company also plans to use this influx of capital to fund what it describes as 'critical joint production programs' with OEM, Tier 1 suppliers and sensors partners." — Kirsten Korosec, TechCrunch