Autonomous truck startup TuSimple achieves unicorn status
- Published | 15 February 2019
Autonomous truck startup company, TuSimple, has gained funding of $95 million which will help in enhancing their operation setup and also drive the autonomous truck market in upcoming period.
Global: Self-driving truck startup TuSimple, founded in 2015 with headquarters in the US and China, has reached unicorn status following its $95 million Series D. The funding round was led by Chinese tech giant Sina corp. and Hong Kong-based investment firm Composite Capital. The money will help the company expand its fleet of test vehicles and fund joint production programs with truck manufacturers. TuSimple has been testing its trucks in Arizona, making three to five autonomous trips per day. San Diego-based TuSimple is developing technology to allow shipping companies to operate self-driving class 8 tractor-trailers, potentially eliminating the need for drivers, the biggest expense facing trucking firms today, especially in a tight labor market. On average, shipping firms spend $2 per mile hauling goods, a cost TuSimple believes it could cut by 30 percent by eliminating the driver with autonomous trucks. The money will help TuSimple expand its fleet of 12 test trucks to more than 50 by June. The company is currently testing autonomous semis on routes between Phoenix and Dalla. The extra cash will also help the company develop joint production of autonomous semis with truck manufacturers. TuSimple is currently also working with two tractor-trailer makers.
According to BlueWeave Consulting, this innovation will help to reduce the fuel consumption, avoid human error accident and pull the truck owner to increase their fleet size with self-driving vehicle, which eventually help to market to achieve new heights. Moreover, increase in awareness toward the consequences of air pollution and rise in levels of exposure to traffic & noise propel the adoption of self-driven trucks.
According to BlueWeave Consulting’s upcoming report, Titled-“Global Self-Driving Truck Market by Level of Autonomy (Level One, Level Two, Level Three, and Level Four) and by Industry Vertical (Logistics, Construction & Manufacturing, Mining, and Port), Size and Forecast, 2018-2025”- Global Self-Driving Truck Market is expected with grow with a significant rate in forecast period, 2018-2025, owing to increase in awareness toward the consequences of air pollution and rise in levels of exposure to traffic & noise drive the adoption of self-driven trucks. Moreover, rising safety concerns and advancements in automotive technologies have led to market penetration and acceptance of driverless trucks.