Latest news with #ChurchillIX
Yahoo
4 days ago
- Automotive
- Yahoo
PlusAI seals $1.2bn autonomous truck deal
Plus Automation, an AI-based virtual driver software for autonomous trucks and Churchill Capital Corp IX has announced a definitive business combination agreement, paving the way for the company to go public. The transaction values Plus at a pre-money equity value of $1.2bn and is expected to provide $300m in gross proceeds. Upon completion, the combined entity will be known as PlusAI. Churchill IX chairman and CEO Michael Klein said, 'Physical AI will be transformative across industries, and Churchill IX is excited to give public investors access to a leading company in the sector primed for AI-driven innovation. After evaluating many opportunities, we knew Plus was the right partner. 'Trucking is the backbone of the global economy but the industry faces a persistent driver shortage that autonomous trucking has the potential to solve. Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners." The commercial rollout of SuperDrive trucks is anticipated by 2027. Klein added: "With a software-focused, capital-efficient model, Plus is well positioned to scale and we're excited to partner with their talented team to support the company's next phase of growth.' Founded in 2016 by Stanford University classmates David Liu and Shawn Kerrigan, Plus is headquartered in Santa Clara, California, US. The company specialises in developing AI-based virtual driver software for factory-built autonomous trucks. Plus has made strides in deploying its autonomous driving technology across the US, Europe, and Asia, logging over five million miles of driving. It supplies this software to Traton Group, Hyundai, and Iveco for heavy trucks. Its system, SuperDrive, has recently passed a crucial safety test and is undergoing trials in Texas and Sweden, with more planned for fall. SuperDrive will first cater to US manufacturers before moving to Europe, and Plus plans to offer it through a driver-as-a-service model for a steady revenue stream. "PlusAI seals $1.2bn autonomous truck deal" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Automotive
- Yahoo
Driverless-trucking developer Plus to go public via merger
Plus, an autonomous driving software provider, announced on Thursday it will become a publicly traded company through a merger with Churchill Capital Corp IX. The combined company will operate as PlusAI. 'This transaction provides access to capital and strategic support that will help us advance our product roadmap, execute our development and commercialization strategy, and deliver a transformative logistics solution to one of the world's largest and most essential industries,' David Liu, co-founder and CEO of Plus, said in a news release. Santa Clara, California-based Plus was founded by Liu and Stanford University classmate Shawn Kerrigan in 2016. The company develops AI-based virtual driver software for factory-built autonomous has deployed autonomous driving technology across the U.S., Europe and Asia, which has been used for more than 5 million miles of driving. The company provides autonomous software to global truck manufacturers Traton Group, Hyundai and Iveco. The company's self-driving system, known as SuperDrive is built to autonomously operate heavy commercial trucks. In April, Plus achieved a key driver-out safety validation milestone with SuperDrive and is currently conducting public road testing in Texas and Sweden, the company said. Additional customer fleet trials are scheduled for fall. SuperDrive will initially be targeted to truck manufacturers in the U.S. and then expand to Europe. Plus will market SuperDrive as a driver-as-a-service model, providing autonomous software to enable trucking firms with recurring per-mile valued at $1.2 billion pre-money equity value, will provide an attractive entry point for Churchill IX shareholders, officials said. 'After evaluating many opportunities, we knew Plus was the right partner,' Michael Klein, chairman and CEO of Churchill IX, said in a statement. 'Trucking is the backbone of the global economy, but the industry faces a persistent driver shortage that autonomous trucking has the potential to solve. Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners.' Churchill IX is a so-called blank check company, formed for the purpose of targeting other firms for mergers. The transaction is expected to deliver $300 million in gross proceeds from cash held in Churchill IX's trust account, which is expected to fund Plus through its commercial launch of SuperDrive-enabled, factory-built autonomous trucks by 2027. It's not the first time that Plus was rumored to be in talks to go public. In April 2021, Plus was reportedly close to merging with Hennessy Capital Investment Corp. V, a special purpose acquisition company. The post Driverless-trucking developer Plus to go public via merger appeared first on FreightWaves.
