BEIJING/SAN FRANCISCO: U.S. autonomous truck startup Plus mentioned on Wednesday it had raised an additional $220 million from traders in an extension of a $200 million funding spherical in February, as the worldwide auto trade appears to a driverless future.A supply with direct information of the matter additionally mentioned Plus was in superior talks with a couple of particular function acquisition corporations (SPAC) over a possible merger, including an announcement was anticipated inside weeks.

SPACs have gotten an more and more in style approach for personal corporations to hunt public listings as a less expensive and fewer administratively burdensome different to an preliminary public providing (IPO).

The most recent funding spherical was led by FountainVest Companions and ClearVue Companions, Plus mentioned in an announcement. Different traders included Quanta Pc Inc and Millennium Expertise Worth Companions, in addition to present traders together with Sequoia Capital, SAIC Motor and Full Truck Alliance.Plus raised $200 million in February from traders similar to Guotai Junan Worldwide, CPE, and Wanxiang Worldwide Funding.

Plus didn’t disclose its valuation after the fundraising.

The Cupertino-based startup, which was based in 2016, has a three way partnership with China’s state-owned automaker FAW to develop and construct autonomous vans. It’s testing vans in america, China and Europe.

With the funding it would speed up its manufacturing and deliveries of autonomous vans and enhance analysis capabilities.

Automakers and expertise corporations are investing billions of {dollars} in autonomous driving, aiming to take an early lead in what many contemplate the way forward for highway transport, although some trade insiders say it would take time for the general public to completely place their belief in these automobiles.

Plus’ rival TuSimple filed for a U.S. IPO earlier this month. Different self-driving corporations similar to Velodyne, Luminar Applied sciences and Aeva have additionally not too long ago filed to go public, banking on an historic growth in U.S. capital markets.