The autonomous trucking technology firm Plus Automation, Inc. (known as PlusAI) plans to become a publicly listed company by merging with a special purpose acquisition company (SPAC) backed by the private equity firm Yorkville Advisors Global, the company said today.
California-based PlusAI, which calls itself “a global physical AI company pioneering AI-based virtual driver software for factory-built autonomous trucks,” has been making progress toward ramping up its products for market. PlusAI in January said it planned to launch commercial autonomous trucks in 2027. And later that month, it announced plans to team with the commercial vehicle manufacturer Traton Group to deploy those vehicles in the U.S. and Europe.
Today, the company said it is actively operating autonomous freight routes in Texas with Ryder and International and is working with global truck manufacturers, including TRATON, Hyundai and IVECO, to advance its commercial launch of factory-built autonomous trucks integrated with SuperDrive targeted for 2027.
According to PlusAI, its planned merger with the SPAC Texas Ventures Acquisition III Corp. will raise some $300 million in capital, providing the company with sufficient capital to execute its commercialization roadmap and to fund PlusAI through 2027.
