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PlusAI, a Leader in Physical AI Pioneering AI-Based Virtual Driver Software for Factory-Built Autonomous Trucks, to Become Publicly Listed Through Business Combination with Texas Ventures Acquisition III Corp

Business Wire

  • Transaction values PlusAI at approximately $800 million pre-money equity value

  • Transaction 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 to support PlusAI's execution of its commercialization roadmap

  • HyperFoundry™, PlusAI's integrated software development platform to develop and validate autonomous and physical AI systems, has generated $25 million of revenue, and PlusAI is targeting an aggregate of $40-50 million of contracted revenue in 2026.

  • SuperDrive™, PlusAI's Level 4 autonomous driving system for commercial trucks, is being deployed with autonomous fleet trials; estimated opportunity is $1B+ ARR at scale

  • Capital-efficient, OEM-led software model enables scalable deployment and global expansion with PlusAI's partners, including TRATON, Hyundai and IVECO

  • Positioned to address the $1.7 trillion trucking market with a recurring Driver-as-a-Service model

  • Transaction expected to support PlusAI's commercialization roadmap, including continued OEM integration and targeted 2027 commercial launch of factory-built autonomous trucks

SANTA CLARA, Calif. & NEW YORK, September 03, 2026--Plus Automation, Inc. ("PlusAI"), a global physical AI company pioneering AI-based virtual driver software for factory-built autonomous trucks, and Texas Ventures Acquisition III Corp (Nasdaq: TVA, TVACU, TVACW) ("Texas Ventures III"), a special purpose acquisition company with financial backing from funds managed by Yorkville Advisors Global, LP ("Yorkville Advisors"), a global asset manager that has completed transactions valued at over $9 billion since its founding in 2001, announced today that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as PlusAI.

The transaction comes as PlusAI enters a period of accelerating commercial momentum. PlusAI 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™ targeted for 2027. PlusAI has generated $25 million of revenue through its HyperFoundry platform, and is targeting an aggregate of $40–50 million of contracted revenue in 2026.

David Liu, Co‑Founder and CEO of PlusAI, said, "This transaction validates a year of significant execution and operational milestones for 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."

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