PlusAI
PlusAI, through a business combination with Texas Ventures Acquisition III Corp., will become a publicly traded company.
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PlusAI
PlusAI, through a business combination with Texas Ventures Acquisition III Corp., will become a publicly traded company.
PlusAI and Texas Ventures Acquisition III Corp announced that they have entered into a definitive business combination agreement that will see PlusAI become a publicly traded company.
The organizations said that the transaction values PlusAI at approximately $800 million pre-money equity value, and potentially brings up to approximately $300 million in capital between $60+ million of fully committed financing and the Texas Ventures Acquisition III Corp trust of approximately $236 million.
The funding will be used to support PlusAI’s execution of its commercialization roadmap.
PlusAI said that the transaction comes as the company enters a period of accelerating commercial momentum. The company said that it is actively operating autonomous freight routes in Texas with Ryder and International and is working with global truck manufacturers, including TRATON, Hyundai and IVECO, to advance its commercial launch of factory-built autonomous trucks integrated with SuperDrive and targeted for 2027.
David Liu, Co‑Founder and CEO of PlusAI, said, “This transaction validates a year of significant execution and operational milestones for PlusAI,” said 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. HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027. 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.”
PlusAI said that it has generated $25 million of revenue through its HyperFoundry platform, and is targeting an aggregate of $40–50 million of contracted revenue in 2026.
“PlusAI is a leader in autonomy and is positioned to provide one of the leading solutions to make autonomous trucking a commercial reality,” said Troy Rillo, CEO of Texas Ventures III. ”PlusAI pairs real revenue today with a credible path to large-scale deployment, while remaining highly disciplined and capital-efficient. Our conviction is reflected in the capital we are committing alongside the transaction. We are excited to partner with David and the team to bring PlusAI to the public markets.”
The companies said that the transaction has been unanimously approved by the boards of both PlusAI and Texas Ventures III and is expected to close in 2026, subject to customary closing conditions. Upon closing, the combined company will continue to operate as PlusAI.
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