TechCrunch: Self-driving trucks startup TuSimple raises $350M from US rail, retail and freight giant
Tucson-based startup TuSimple was recently featured in TechCrunch for the closing of a successful funding round.
Self-driving trucks startup TuSimple has closed a $350 million funding round from a diverse consortium of strategic investors that include major U.S. corporations in rail, retail and freight, according to sources familiar with the deal.
The round, which was oversubscribed, was led by VectoIQ LLC, confirming a report by TechCrunch in September. VectoIQ is the consulting and investment company founded by Steve Girsky, the former GM vice chairman, consultant and investor whose special purpose acquisition company merged with hydrogen electric startup Nikola Corp. this summer.
The injection of capital stands out not only because of its size, but the array of companies involved. Goodyear, Union Pacific, CN Rail, freight company U.S. Xpress and retailer Kroger all participated in the round, sources familiar with the deal told TechCrunch. Existing investors Volkswagen AG’s heavy-truck business The Traton Group and Navistar also participated. (Last month, Traton, which already held a 16.6% stake in Navistar, agreed to acquire its remaining shares.)