Self-driving truck startup Plus raises extra $220 million

U.S. autonomous truck startup Plus said on Wednesday it had raised an extra $220 million from investors in an extension of a $200 million funding round in February, as the global auto industry looks to a driverless future.

A source with direct knowledge of the matter also said Plus was in advanced talks with a few special purpose acquisition companies (SPAC) over a potential merger, adding an announcement was expected within weeks.

SPACs are becoming an increasingly popular way for private companies to seek public listings as a cheaper and less administratively burdensome alternative to an initial public offering (IPO).

The latest funding round was led by FountainVest Partners and ClearVue Partners, Plus said in a statement. Other investors included Quanta Computer Inc and Millennium Technology Value Partners, as well as existing investors including Sequoia Capital, SAIC Motor and Full Truck Alliance.