Plus Automation, an AI-based virtual driver software for autonomous trucks and Churchill Capital Corp IX has announced a definitive business combination agreement, paving the way for the company to go public.
The transaction values Plus at a pre-money equity value of $1.2bn and is expected to provide $300m in gross proceeds.
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Upon completion, the combined entity will be known as PlusAI.
Churchill IX chairman and CEO Michael Klein said, “Physical AI will be transformative across industries, and Churchill IX is excited to give public investors access to a leading company in the sector primed for AI-driven innovation. After evaluating many opportunities, we knew Plus was the right partner.
“Trucking is the backbone of the global economy but the industry faces a persistent driver shortage that autonomous trucking has the potential to solve. Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners.”
The commercial rollout of SuperDrive trucks is anticipated by 2027.
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By GlobalDataKlein added: “With a software-focused, capital-efficient model, Plus is well positioned to scale and we’re excited to partner with their talented team to support the company’s next phase of growth.”
Founded in 2016 by Stanford University classmates David Liu and Shawn Kerrigan, Plus is headquartered in Santa Clara, California, US.
The company specialises in developing AI-based virtual driver software for factory-built autonomous trucks.
Plus has made strides in deploying its autonomous driving technology across the US, Europe, and Asia, logging over five million miles of driving.
It supplies this software to Traton Group, Hyundai, and Iveco for heavy trucks.
Its system, SuperDrive, has recently passed a crucial safety test and is undergoing trials in Texas and Sweden, with more planned for fall.
SuperDrive will first cater to US manufacturers before moving to Europe, and Plus plans to offer it through a driver-as-a-service model for a steady revenue stream.
