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Autonomous Truck Xos Going Public  🚛

Autonomous Truck Xos Going Public  🚛
March 15, 2021

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Although we often think of futuristic robot taxis when we hear the word “autonomous vehicles,” the reality is that a large number of autonomous vehicle startups focus on commercial vehicles. In fact, the utilization of autonomous trucks on predictable routes between warehouses/mines to farms/factories is already realized and growing.
More importantly, we are seeing startups and OEMs fully invested in bringing autonomous trucks to long-haul routes, in order to transform the way goods and products are moved from warehouses to stores and address the increasing demand for first- to last-mile delivery as e-commerce continues to grow.


Photo Credit: Walmart

  • Walmart is using fully driverless trucks in partnership with the startup Gatik for deliveries in Arkansas this year. The startup has already demonstrated capabilities through tested operations over 70,000 miles.
  • UPS has been testing operations hauling cargo between Phoenix and Tucson, Arizona with startup TuSimple, into which UPS has invested.
  • Major truck maker Daimler Trucks acquired autonomous software maker Torc Robotics in 2019 and is working with Google's Waymo team on autonomous driving technology.

Autonomous Trucks Going Public
Aside from seeing autonomous trucks hitting the roads soon, another trend we are seeing is more autonomous truck startups going public via SPAC, or if you want to see it the other way, more SPACs are seeing the potential with autonomous trucks. Click here if you need a SPAC refresher.  

  • Self-driving truck startup Plus.AI is rumored to be exploring going public via SPAC and is in talks with a few companies, according to Bloomberg.
  • Electric vehicle chassis maker Xos Trucks announced it would merge with NextGen Acquisition Corp in February. NextGen had reportedly talked with many companies before deciding on Xos Truck.
  • Electric Last Mile Solutions merged with SPAC Forum Merger III Corp in December 2020.
  • Nikola Motor merged with SPAC VectoIQ in March 2020 but has had troubles since, accused by short-selling firm Hindenburg Research of technology fraud.
  • Previously mentioned TuSimple had been rumored to go public via SPAC in late 2020 but has since decided to file confidentially for an IPO instead, with plans to go public this month.
Netflix contemplates selling content
Netflix’s new strategy consider selling its original content to other networks.
[The Information]
Hindenburg accuses another EV company
Lordstown Motors, who SPACed in October, is accused of a creating a “mirage” of fake orders.
[MarketWatch]
Since last week, PrivCo has added:
502 Companies | 177 Funding Activities | 171 M&A Deals

Funding & Deal Highlights:

Advise Insurance raises $100MM led by Oak HC/FT Partners
Insurance Services • Equity • Bloomington, IN

Corvus Insurance raises $100MM led by Insight Partners
Insurance Services • Round C • Boston, MA

Ventyx Biosciences raises $114MM led by venBio Partners
Biotechnology • Equity • Encinitas, CA

Flutterwave raises $170MM co-led by Avenir Growth Capital and Tiger Global Management
Fintech Software & Internet Services • Round C • San Francisco, CA

Wrapbook raises $27MM led by Andreessen Horowitz
Insurtech Software & Internet Services • Round A • New York, NY

Vendr raises undisclosed amount from multiple investors
Management Services Software & Internet Services • Round A • Boston, MA

Zeni raises $13.5MM
Fintech Software & Internet Services • Round A • Palo Alto, CA

Mobilecoin raises $11.4MM 
Technology Services • Round A • San Francisco, CA

Lumu raises $7.5MM co-led by Panoramic Ventures and SB Opportunity Fund
Cyber Security Software & Internet Services • Round A • Doral, FL

Mentorcam raises $1.4MM led by General Catalyst Partners
Mobile Software & Internet Services • Seed • Marina del Rey, CA

Privacera raises $50MM led by Insight Partners
Cyber Security Software & Internet Services • Round B • Freemont, CA

Holley Performance Products merges with Empower
Auto Parts • SPAC • Bowling Green, KY

ANI Pharmaceuticals acquires Novitium Pharma for $163.5MM
Pharmaceuticals • Acquisition • Hightstown, NJ

Super League Gaming acquires Mobcrush
Video Games Software & Internet Services • Acquisition • Santa Monica, CA

Apollo Global Management acquires Aegion Corp
Commercial & Industrial Engineering • Acquisition • Chesterfield, MO

UniGroup acquires Handled 
Logistics Services • Acquisition • St.Louis, MO

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