PlusAI SuperDrive-enabled autonomous trucks at its testing facility in Fremont, Calif. Source: PlusAI
PlusAI Inc., which has developed AI-based virtual driver software for autonomous trucks, is going public via a merger with Texas Ventures Acquisition III Corp., a special-purpose acquisition company or SPAC.
“This transaction validates a year of significant execution and operational milestones for PlusAI,” stated David Liu, co‑founder and CEO of PlusAI. “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.”
Founded in 2016, Plus Automation Inc. said its SuperDrive and HyperFoundry systems accelerate the scalable development and deployment ofautonomous vehicles. The Santa Clara, Calif.-basedcompanysaid it is working with globalvehiclemakers and ecosystem partners including Scania,NVIDIA,Bosch, DSV, and Goodyear.Fast Companynamed PlusAI as one of the “world’s most innovative companies.”
“HyperFoundry is generating revenue today, while SuperDrive advances toward commercial launch in 2027,” added Liu. “We believe this combination of near-term revenue, a capital-efficient software business model, and a clear path to large-scale autonomous trucking deployment uniquely positions PlusAI for long-term growth.”
“Autonomous truckingaddresses driver shortages, rising labor costs, and increasing freight demand while improving utilization and fleet profitability,” said PlusAI. It is already operating autonomous freight routes with Ryder andInternational Motorsin Texas, obtaining real-world validation and operational data.
The company is also working with with global truck manufacturers, including TRATON,Hyundai Motor Co., andIVECO, to advance its commercial launch of trucks integrated withSuperDrive, which itupdatedin March. The factory-built self-driving trucks will be available through existing manufacturing, sales, and service channels.
PlusAI said it operates as a software-first company with anAI-native operating model and disciplined expense structure. The company has generated $25 million of revenue through itsHyperFoundryintegrated software development platform. It is targeting an aggregate of $40 to $50 million of contracted revenue in 2026.
TheSAELevel 4 SuperDrive platform provides long-term upside through a recurring Driver-as-a-Service model, said PlusAI. The company last month said itis making progresstoward commercialization.
PlusAI received financial backing from funds managed by Yorkville Advisors Global LP, a global asset manager that has completed transactions valued at over $9 billion since its founding in 2001. Last year, PlusAIannounceda SPAC deal with Churchill Capital Corp IX, which itterminatedin April 2026.
“PlusAI pairs real revenue today with a credible path to large-scale deployment, while remaining highly disciplined and capital-efficient,” said Troy Rillo, CEO of Texas Ventures III. “Our conviction is reflected in the capital we are committing alongside the transaction.”
The SPAC merger values PlusAI at $800 million in pre-money equity. It is supported by up to $300 million of capital. That includes more than $60 million of fully committed financing, including funds managed by Yorkville Advisors,. It also includes existing and new investors and the Texas Ventures Acquisition III trust funding of about $236 million.