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#News(Startup) [ via IoTForIndiaGroup ]
The company raised $95 million in a series D funding led by Sina Corp. and Composite Capital.
It’s preparing to expand its testing of self-driving semis on highways in Arizona, New Mexico and Texas.
The funding round gives TuSimple unicorn status — a valuation of $1 billion
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 Dallas.”
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