Plus Automation, an AI-based virtual driver software for autonomous trucks, has announced a definitive business combination agreement with Churchill Capital Corp IX. This agreement paves the way for the company to go public, with the transaction valuing Plus at a pre-money equity value of $1.2 billion and expected to provide $300 million in gross proceeds. Upon completion, the combined entity will be known as PlusAI.
Churchill IX chairman and CEO Michael Klein expressed excitement about the transformative potential of physical AI across industries. He highlighted the persistent driver shortage in the trucking industry that autonomous trucking has the potential to solve. Klein emphasized the importance of confidence in vehicle performance and safety for broad adoption, and recognized Plus as the right partner for this venture.
The commercial rollout of SuperDrive trucks, developed by Plus, is anticipated to occur by 2027. SuperDrive trucks are equipped with advanced virtual driver software, and Plus has a customer-centric commercialization model led by OEM partners. The company’s software-focused and capital-efficient approach positions it well for scalability and growth in the autonomous trucking sector.
Founded in 2016 by Stanford University classmates David Liu and Shawn Kerrigan, Plus is headquartered in Santa Clara, California, US. The company specializes in developing AI-based virtual driver software for factory-built autonomous trucks and has deployed its technology across the US, Europe, and Asia, logging over five million miles of driving. Plus supplies its software to Traton Group, Hyundai, and Iveco for heavy trucks.
SuperDrive, the virtual driver software developed by Plus, has recently passed a crucial safety test and is currently undergoing trials in Texas and Sweden, with more trials planned for the fall. The system will initially cater to US manufacturers before expanding to Europe. Plus plans to offer SuperDrive through a driver-as-a-service model to generate a steady revenue stream.
The partnership between Plus Automation and Churchill Capital Corp IX marks a significant milestone in the advancement of AI-driven innovation in the autonomous trucking industry. With a focus on safety, performance, and scalability, PlusAI is poised to lead the way in the development and commercialization of autonomous trucking technology.
