On September 2, 2026, Texas Ventures Acquisition III Corp (TVA) entered into an Agreement and Plan of Merger and Reorganization with Plus Automation, Inc. (PlusAI). The agreement outlines a business combination that will result in PlusAI becoming a publicly traded company following the merger.
Under the terms of the agreement, the transaction values PlusAI at a pre-money equity value of $800 million. The deal is supported by approximately $300 million in total capital, which includes $60 million in fully committed financing from funds managed by Yorkville Advisors Global, LP, and approximately $236 million in cash held in TVA’s trust account.
Upon closing, the combined company will operate under the name PlusAI Holdings, Inc. and will be incorporated under the laws of the State of Delaware. The transaction is expected to close in 2026, subject to customary closing conditions and approval from the shareholders of both TVA and PlusAI.
PlusAI is a physical AI company focused on developing software for autonomous trucks. Its SuperDrive platform is a Level 4 autonomous driving system for commercial trucks, while its HyperFoundry platform is an integrated software development environment. As of the filing, HyperFoundry has generated $25 million in revenue, and PlusAI is targeting $40 million to $50 million of contracted revenue for 2026.
PlusAI is currently operating autonomous freight routes in Texas with partners Ryder and International. The company is also working with global truck manufacturers, including TRATON, Hyundai, and IVECO, to advance the commercial launch of factory-built autonomous trucks, which is targeted for 2027.
