PlusAI Unveils Third Attempt to Go Public with $800 Million Valuation

Autonomous software developer PlusAI is set to merge with a Nasdaq-listed special purpose acquisition company, Texas Ventures Acquisition III, in a deal valuing the company at $800 million. This is PlusAI’s third attempt to go public, following previous failed SPAC deals. The merger is expected to provide $236 million in funding through 2027, which PlusAI plans to use to launch factory-built autonomous trucks with partners and target driverless freight operations without safety drivers in 2027. PlusAI is currently working with Traton Motors brand International Motors, Hyundai, and Iveco to launch autonomous trucks operating its SuperDrive software. The company has made significant progress in the past year, including operating autonomous freight routes in Texas and expanding its OEM partnerships. PlusAI’s CEO, David Liu, stated that the transaction validates the company’s execution and operational milestones. The merger announcement comes less than six months after plans to go public with Nasdaq-listed SPAC Churchill Capital Corp IX foundered, which valued PlusAI at $1.2 billion. PlusAI has also received funding from existing investors, including Traton, which committed up to $25 million in dedicated research and development funding in January. The company has expanded its partnerships with Traton and Iveco and has added new capabilities to its SuperDrive software, including night driving and construction-zone navigation.