Plus Automation, Inc. (PlusAI) is to become publicly listed via a special purpose acquisition company (SPAC) merger with Texas Ventures Acquisition III Corp, valuing it at US$800m pre-money and raising up to approximately US$300m to fund its autonomous trucking commercialisation roadmap. The transaction supports a 2027 target for factory-built autonomous trucks through OEM partnerships with Traton, Hyundai, and Iveco.

The capital package comprises more than US$60m in committed financing, partly from funds managed by Yorkville Advisors, alongside the Texas Ventures III trust of approximately US$236m. The transaction, unanimously approved by both boards, is expected to close in 2026.

PlusAI is currently operating autonomous freight routes in Texas with fleet operator Ryder and International, providing commercial validation for its SuperDrive™ Level 4 system. Its HyperFoundry™ platform—a software development environment for autonomous and physical AI systems—has generated US$25m in revenue, with a target of US$40m to US$50m in contracted revenue for full-year 2026.

David Liu, Co-Founder and Chief Executive of PlusAI, said: “We are operating autonomous freight routes in Texas today, expanding our OEM partnerships, and successfully monetizing the proprietary data, models and simulation capabilities we have built over the past decade. HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027.”

Source: PlusAI