Plus Automation Inc., known as PlusAI, plans to go public through a merger with Texas Ventures Acquisition III Corp. The deal values the company at approximately $800 million. This marks the firm's third attempt to list on the public market within five years, following two previous failed merger agreements in 2021 and 2025.
The transaction includes $236 million currently held in the Texas Ventures III trust, alongside $60 million in committed financing. This capital is expected to fund operations through 2027. The deal has received unanimous approval from both company boards and is anticipated to close later this year, pending regulatory and shareholder consent.
PlusAI generates revenue through its HyperFoundry platform, which provides development and simulation tools for autonomous systems. The company reported $25 million in revenue from this platform this year and projects total contracted revenue between $40 million and $50 million for 2026.
The company's Level 4 autonomous software, SuperDrive, is currently used in freight operations in Texas with partners Ryder System and International Motors. PlusAI maintains integration agreements with manufacturers including TRATON SE, Hyundai Motor, and Iveco Group, with commercial launches for factory-built trucks equipped with SuperDrive planned for 2027.
TRATON SE committed up to $25 million in research funding in January to accelerate development efforts. PlusAI intends to monetize its technology through a subscription model called Driver-as-a-Service, aiming for over $1 billion in annual recurring revenue as the business scales.