Chinese autonomous driving startup Plus announced it has raised US$220m in its latest fundraising round led by FountainVest Partners and ClearVue Partners.

The company, which describes itself as a leading provider of self-driving technology for trucks, had already raised US$200m in a previous fundraising round earlier this year.

The latest round attracted investors such as Quanta Computer, Phi Zoyi Capital and Millennium Technology Value Partners, which join existing investors including Sequoia Capital China, SAIC Capital and Full Truck Alliance (FTA).

In November 2020 Plus established a joint venture with leading Chinese truck maker FAW Jiefang to develop self-driving trucks.

The new company has since unveiled an FAW model fitted with a Level-2 semi-autonomous driving system based on the PlusDrive Level-4 platform.

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By GlobalData

It is in the final stages of certifying the self-driving technology in China ahead of mass production of a self-driving truck range scheduled by FAW for later this year.

The new funds will also enable Plus to expand its global operations and launch the PlusDrive platform in North America, Europe and other countries in Asia.