PlusAI SuperDrive-enabled autonomous vehicles at its testing facility in Fremont, Calif. Supply: PlusAI
PlusAI Inc., which has developed AI-based digital driver software program for autonomous vehicles, goes public by way of a merger with Texas Ventures Acquisition III Corp., a special-purpose acquisition firm or SPAC.
“This transaction validates a 12 months of great execution and operational milestones for PlusAI,” said David Liu, co‑founder and CEO of PlusAI. “We’re working autonomous freight routes in Texas at the moment, increasing our OEM partnerships, and efficiently monetizing the proprietary information, fashions, and simulation capabilities we’ve constructed over the previous decade.”
Based in 2016, Plus Automation Inc. mentioned its SuperDrive and HyperFoundry techniques speed up the scalable improvement and deployment of autonomous autos. The Santa Clara, Calif.-based firm mentioned it’s working with international car makers and ecosystem companions together with Scania, NVIDIA, Bosch, DSV, and Goodyear. Quick Firm named PlusAI as one of many “world’s most progressive firms.”
“HyperFoundry is producing income at the moment, whereas SuperDrive advances towards industrial launch in 2027,” added Liu. “We imagine this mixture of near-term income, a capital-efficient software program enterprise mannequin, and a transparent path to large-scale autonomous trucking deployment uniquely positions PlusAI for long-term development.”
PlusAI operates freight routes on the way in which to commercialization
“Autonomous trucking addresses driver shortages, rising labor prices, and rising freight demand whereas bettering utilization and fleet profitability,” mentioned PlusAI. It’s already working autonomous freight routes with Ryder and Worldwide Motors in Texas, acquiring real-world validation and operational information.
The corporate can also be working with with international truck producers, together with TRATON, Hyundai Motor Co., and IVECO, to advance its industrial launch of vehicles built-in with SuperDrive, which it up to date in March. The factory-built self-driving vehicles will likely be out there by way of current manufacturing, gross sales, and repair channels.
PlusAI mentioned it operates as a software-first firm with an AI-native working mannequin and disciplined expense construction. The corporate has generated $25 million of income by way of its HyperFoundry built-in software program improvement platform. It’s focusing on an mixture of $40 to $50 million of contracted income in 2026.
The SAE Stage 4 SuperDrive platform gives long-term upside by way of a recurring Driver-as-a-Service mannequin, mentioned PlusAI. The corporate final month mentioned it’s making progress towards commercialization.
SPAC deal to worth self-driving firm at $800M
PlusAI acquired monetary backing from funds managed by Yorkville Advisors World LP, a world asset supervisor that has accomplished transactions valued at over $9 billion since its founding in 2001. Final 12 months, PlusAI introduced a SPAC cope with Churchill Capital Corp IX, which it terminated in April 2026.
“PlusAI pairs actual income at the moment with a reputable path to large-scale deployment, whereas remaining extremely disciplined and capital-efficient,” mentioned Troy Rillo, CEO of Texas Ventures III. “Our conviction is mirrored within the capital we’re committing alongside the transaction.”
The SPAC merger values PlusAI at $800 million in pre-money fairness. It’s supported by as much as $300 million of capital. That features greater than $60 million of totally dedicated financing, together with funds managed by Yorkville Advisors,. It additionally contains current and new buyers and the Texas Ventures Acquisition III belief funding of about $236 million.
Texas Ventures III mentioned this dedicated financing will fulfill the minimal money situation to shut the transaction. The corporate mentioned it expects the merger to internet money proceeds of as much as $236 million, along with $60 million of already dedicated financing.
The acquisition has been unanimously accredited by the boards of each PlusAI and Texas Ventures III and is anticipated to shut in 2026, topic to customary closing circumstances. Upon closing, the mixed firm will proceed to function as PlusAI.
Plus AI mentioned it plans to make use of the proceeds for its commercialization roadmap, together with continued OEM integration and the focused 2027 industrial launch of factory-built autonomous vehicles.
Different autonomous trucking firms which have made SPAC offers embrace Kodiak and Einride.
Editor’s be aware: Bodily AI and enabling applied sciences will likely be among the many session tracks at RoboBusiness 2026, which will likely be on Oct. 20 and 21 in Santa Clara, Calif. Register now to attend.
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