Latest news with #SuperDrive
Yahoo
11 hours ago
- Automotive
- Yahoo
Plus Automation to go public via SPAC deal
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Plus Automation plans to go public by merging with special purpose acquisition company Churchill Capital Corp IX at a $1.2 billion pre-money valuation, according to a June 5 press release. Plus anticipates up to $300 million from the transaction, which would fully fund the virtual driver software firm through the commercial launch of factory-built autonomous trucks in 2027. The deal is expected to close in Q4 this year. Following the merger, the combined company will operate as PlusAI. When it comes to startups, Plus holds a unique position — not having any debt, according to the company. Founded in 2016, the company developed an AI-based self-driving system called SuperDrive. It has since established partnerships with OEMs — including Traton Group, Hyundai and IVECO — who will ultimately build the autonomous trucks powered by its virtual driver software, the release states. Once the self-driving trucks are on the road, Plus will operate under a 'driver-as-a-service' model, creating recurring, per-mile revenue for the business. 'Our long-term vision is to empower fleet operators to run global freight networks with autonomous vehicles that improve safety, enhance efficiency, and reduce costs,' David Liu, co-founder and CEO of Plus said in the release. 'We believe the industry is at a critical inflection point, driven by breakthroughs in AI, supportive regulatory momentum, and ecosystem readiness.' Plus is the second autonomous software firm to announce a SPAC deal in recent months. In April, Kodiak Robotics announced its plans to merge with Ares Acquisition Corp. II, anticipating a $551 million cash infusion from the transaction. However, Plus claims to have driven more miles than its self-driving software competitors. Per the release, Plus' autonomous technology has been used for more than 5 million miles of driving, compared to the estimated 2.6 million driven by Kodiak as of Feb. 28. 'After evaluating many opportunities, we knew Plus was the right partner,' said Michael Klein, chairman and CEO of Churchill Capital Corp IX, in the release. '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' Plus is currently conducting public road testing in Texas and Sweden and expects additional customer fleet trials in fall 2025. The company also has operations in its home state of California, as well as Texas and Germany, to support commercialization and development. Recommended Reading Kodiak looks to go public via SPAC deal 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
6 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
7 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.
Forbes
28-04-2025
- Automotive
- Forbes
Plus Autonomous Truck Aces Driverless Safety Maneuver Testing
At a highway test track, Plus autonomy handled challenging scenarios in preparation for on-road ... More operations later this year. Plus, an autonomous trucking AI software company, announced today the latest milestone in its commercialization plan. The company's virtual driver, SuperDriveTM, recently completed validation tests of fully autonomous operations and handling of advanced safety maneuvers with no person in the truck. The testing occurred on a closed test track. Plus sees this as a continuation of enhancing the safety, reliability and maturity of its AI-based self-driving software as it prepares for the commercial launch of factory-built driverless trucks integrated with SuperDrive. The validation of a SuperDrive truck with fully redundant sensors and computers is a major milestone on the roadmap to start factory production of driverless trucks. SuperDrive operated the truck without a human driver in the cabin or remote intervention. The driverless truck relied entirely on Plus's self-driving technology to make complex real-time driving decisions. Plus has partnered with significant truck makers including TRATON GROUP's Scania, MAN, and International brands, Hyundai, and Iveco to bring factory-built driverless trucks to Europe and the U.S. In Janap, Plus is also partnering with TIER IV to launch driverless trucks to address the country's critical driver shortage. These OEM tie-ups are key to scalable deployment, reaching freight companies around the world. For over-the-road trucking, the OEM-partnership club also includes Aurora, Gatik, Torc, and possibly Waabi. SuperDrive is also trained using end-to-end AI models to dynamically handle unexpected situations where it is no longer safe for the truck to continue on the road. SuperDrive's Autonomous Fallback System (AFS) is designed to ensure that the hardware and software in the self-driving system are resilient and capable at all times. Repeated driverless tests validated that once the AFS identified and confirmed an issue, such as a sensor failure, software module fault, or road closure, it reliably directed SuperDrive to the safest path, whether that was to come to a slow stop in its lane or to pull over to the side and stop the vehicle. The testing occurred at the Transportation Research Center's 7.5 mile track in Ohio. SuperDrive was integrated into an International Truck. A video summary of the testing can be viewed here. These stringent tests, a culmination of years of safety validation and rigorous testing using simulations, closed courses, and public roads, are a strong indication to the system's performance and the effectiveness of the AFS. This type of testing increases the confidence of OEM partners as well as the end-user trucking fleets. 'Autonomous trucks are among the most transformational applications of Physical AI. When it comes to launching driverless trucks commercially, it is critical for our self-driving software to be able to handle the expected and unexpected complexities of driving and interacting with the physical world. Safety is and always will be a priority at all times,' said David Liu, CEO and Co-founder at Plus. 'We are taking deliberate steps to test, validate and deliver safe and scalable factory-built autonomous trucks with SuperDrive that meet the rigorous demands of the freight industry.' Plus has accumulated more than 5 million miles of real-world driving using its autonomous driving system. Public road testing is underway in Texas and Sweden as part of its development and preparation for the commercial launch of SuperDrive. Plus's Safety Case Framework is available on their website. Plus has previously said that commercial production of their driverless trucks will occur in 2027 on the International platform. As David Liu said in a recent Plus press briefing, '2025 is about validation. 2026 is getting to commercial readiness, i.e. driver-out on-road pilots, with commercial launch in 2027.' Torc Robotics announced a similar closed-course milestone in 2024. Closed-course validation will be essential for progressing to on-road deployments which Bot Auto and Waabi have said will occur later this year. Aurora is planning to announce inaugural commercial driverless on-road operations imminently. Disclosure: Richard Bishop is an Advisor to and/or an equity holder in the following companies mentioned in this article: Aurora, Gatik, Plus.
