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Stanford Grads Near $1 Billion Value for Driverless Trucks

  • Self-driving startup is close to raising about $200 million
  • Company will soon roll out level 2 self-driving trucks
Suning And Plus.AI complete a self-driving truck test in Shanghai in 2018.
Suning And Plus.AI complete a self-driving truck test in Shanghai in 2018.Photographer: Visual China Group via Getty Images
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Sequoia-backed PlusAI Inc. is close to raising about $200 million in new funds at a valuation of more than $1 billion to bankroll its development in autonomous trucks, according to people familiar with the matter.

The self-driving truck startup is working with advisers on the funding round with plans to set up a joint venture with one of the country’s largest truck makers FAW Jiefang, a subsidiary of state-owned China FAW Group Co., the people said. Plus.AI is seeking external investors to lead this round of funding, in which existing backers Sequoia China and Full Truck Alliance will participate, said one of the people, who asked not to be named because the discussions are private.