Hong Kong-based investment and securities firm Guotai Junan International would lead the raise, according to the Information, and it would put Plus.ai’s valuation in the range of $600 million to $1 billion.
Plus.ai did not immediately return FreightWaves’ request for comment.
In 2019 Plus.ai reportedly held discussions with SoftBank to raise $200 million, but the raise never materialized. The company’s existing investors include Sequoia Capital, GSR Ventures and Softbank-backed Full Truck Alliance, an online logistics and freight company.
The new fundraising push comes as some autonomous trucking companies struggle to attract investment, while others move full steam ahead with industry partnerships. In March, Starsky Robotics, a remote operated autonomous trucking startup shut down after failing to raise additional funds.
Earlier this week self-driving trucking company TuSimple announced a partnership with leading truck maker Navistar, establishing the U.S. and China-based startup as a preferred autonomous supplier for the original equipment manufacturer. Navistar also took an undisclosed stake in the company.
Plus.ai last fall entered a joint venture with FAW Jiefang, China’s largest truck manufacturer, to develop self-driving big rigs for the world’s most populous country. The partnership has also launched its first product, the FAW J7 Level Two truck, and has stated it plans to bring a full Level Four heavy-duty truck to market in the next three to five years.
The company made waves last year hauling tubs of Land O’Lakes butter in what the Plus.ai team hailed as the first cross-country Level 4 commercial pilot.