Self-Driving Truck Maker TuSimple Hires Morgan Stanley To Help Raise $250M In Fresh Funding: Report

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 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. SINA, graphics processing units maker NVIDIA Corporation NVDA, supply chain company United Parcel Service, Inc. 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 TSLA, Alphabet Inc.'s GOOGL GOOG Waymo, and Uber Technologies Inc. UBER in the self-driving technology space.

Image by TuSimple