TuSimple announced today that it has secured commitments for an additional $120 million in Series D funding. These funds are part of an extended Series D round that was oversubscribed and reached a total of $215 million. The round includes previously announced investor UPS, the global logistics leader. New participants in the round include CDH Investments and leading automotive tier-1 supplier Mando Corporation.
The Series D round was led by SINA, company known for Weibo, one of the world’s most popular social media platforms.
TuSimple previously achieved unicorn status with a valuation of $1 billion, and the new investment brings TuSimple’s total funding to $298 million to date. The new funds will be used to expand long haul service for fleets and co-develop a commercial self-driving truck with OEMs and Tier 1 suppliers.
TuSimple is moving quickly to bring commercial self-driving trucks to market. The company has grown rapidly to over 500 employees worldwide and is executing daily runs in Arizona for its customers. At the same time, TuSimple is working on the validation of its self-driving truck solution with logistics leaders UPS, the USPS and others.