(Yicai Global) Sept. 18 -- TuSimple, a US-based self-driving truck startup, has elevated its D round of funding with two new investors: China's CDH Investments and South Korean original equipment manufacturer Mando.
TuSimple added USD120 million to its D round yesterday, raising the total to USD215 million, the San Diego-based company told Yicai Global, without disclosing which investor leads the round that started last year.
TuSimple's driverless technologies are very mature and have huge market potential, which is why Mando joined the funding round, said Jae Chung, chief financial officer of the Seoul-based firm.
The funds will be used for expanding driverless transport services and deepening cooperation with vehicle manufacturers and tier-one suppliers, the firm added. So far the company has 18 clients and it conducts daily tests with UPS, an earlier investor, between Phoenix and Tucson in Arizona.
Last month, TuSimple partnered with Shanghai's Lingang Science and Technology City to help build a demonstration area for self-driving trucks. The startup expects the US-China logistics market to reach USD1.5 trillion in total value.
Editor: Emmi Laine