Texas Ventures Acquisition III Corp

Plus Automation, Inc., known as PlusAI, a developer of AI-based virtual driver software for factory-built autonomous trucks, has agreed to go public through a business combination with special purpose acquisition company Texas Ventures Acquisition III Corp. The deal values PlusAI at an approximately $800 million pre-money equity value and could bring up to roughly $300 million in capital, including over $60 million in fully committed financing and about $236 million from the SPAC's trust. PlusAI has generated $25 million in revenue from its HyperFoundry software platform and targets $40 to $50 million in contracted revenue for 2026, while its SuperDrive Level 4 autonomous driving system is already hauling freight in Texas with Ryder and International. The combined company will operate as PlusAI, with the transaction expected to close in 2026 and support a targeted 2027 commercial launch of factory-built autonomous trucks with partners including TRATON, Hyundai, and IVECO.