California-based PlusAI Inc., a self-driving truck technology developer, is nearing to collect around $200 million in new financing.

PlusAI is working with advisers on the proposed funding round, expected to value the startup at over $1 billion.

Furthermore, the startup is seeking external backers to lead this round, in which existing investors including Sequoia and Full Truck Alliance Group will participate.

The projected financing will enable Plus.AI, which plans to set up a joint venture with truck maker FAW Jiefang, part of China FAW Group Co., to back its development in autonomous trucks.