TuSimple is looking to raise up to $250 million in a fresh funding round, TechCrunch reported late Friday.
The self-driving-truck maker has hired Morgan Stanley (NYSE:MS) to help raise the funds, according to TechCrunch.
The investment bank is already sending out proposals to potential investors on why TuSimple is poised to succeed as a company, TechCrunch noted.
The California-based company is backed by Chinese technology company Sina Corp. (NASDAQ:SINA), graphics processing units maker NVIDIA Corporation (NASDAQ:NVDA), supply chain company United Parcel Service, Inc. (NYSE:UPS) and South Korean original equipment manufacturer Mando Corporation.
TuSimple is valued at more than $1 billion, having raised at least $298 million to date, according to TechCrunch. The company competes with the likes of Tesla Inc.'s (NASDAQ:TSLA), Alphabet Inc.'s (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo, and Uber Technologies Inc. (NYSE:UBER) in the self-driving technology space.
Image by TuSimple