--  Transaction values PlusAI at approximately $800 million pre-money 
      equity value 
 
   --  Transaction potentially brings up to approximately $300 million in 
      capital between $60+ million of fully committed financing and the Texas 
      Ventures Acquisition III Corp trust of approximately $236 million to 
      support PlusAI's execution of its commercialization roadmap 
 
   --  HyperFoundry$(TM)$, PlusAI's integrated software development platform to 
      develop and validate autonomous and physical AI systems, has generated 
      $25 million of revenue, and PlusAI is targeting an aggregate of $40-50 
      million of contracted revenue in 2026. 
 
   --  SuperDrive(TM), PlusAI's Level 4 autonomous driving system for 
      commercial trucks, is being deployed with autonomous fleet trials; 
      estimated opportunity is $1B+ ARR at scale 
 
   --  Capital-efficient, OEM-led software model enables scalable deployment 
      and global expansion with PlusAI's partners, including TRATON, Hyundai 
      and IVECO 
 
   --  Positioned to address the $1.7 trillion trucking market with a 
      recurring Driver-as-a-Service model 
 
   --  Transaction expected to support PlusAI's commercialization roadmap, 
      including continued OEM integration and targeted 2027 commercial launch 
      of factory-built autonomous trucks 
SANTA CLARA, Calif. & NEW YORK--(BUSINESS WIRE)--September 03, 2026-- 

Plus Automation, Inc. ("PlusAI"), a global physical AI company pioneering AI-based virtual driver software for factory-built autonomous trucks, and Texas Ventures Acquisition III Corp (Nasdaq: TVA, TVACU, TVACW) ("Texas Ventures III"), a special purpose acquisition company with financial backing from funds managed by Yorkville Advisors Global, LP ("Yorkville Advisors"), a global asset manager that has completed transactions valued at over $9 billion since its founding in 2001, announced today that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as PlusAI.

The transaction comes as PlusAI enters a period of accelerating commercial momentum. PlusAI is actively operating autonomous freight routes in Texas with Ryder and International and is working with global truck manufacturers, including TRATON, Hyundai and IVECO, to advance its commercial launch of factory-built autonomous trucks integrated with SuperDrive(TM) targeted for 2027. PlusAI has generated $25 million of revenue through its HyperFoundry platform, and is targeting an aggregate of $40--50 million of contracted revenue in 2026.

David Liu, Co--Founder and CEO of PlusAI, said, "This transaction validates a year of significant execution and operational milestones for PlusAI. We are operating autonomous freight routes in Texas today, expanding our OEM partnerships, and successfully monetizing the proprietary data, models and simulation capabilities we have built over the past decade. HyperFoundry is generating revenue today while SuperDrive advances toward commercial launch in 2027. We believe this combination of near-term revenue, a capital-efficient software business model, and a clear path to large-scale autonomous trucking deployment uniquely positions PlusAI for long-term growth."

Troy Rillo, CEO of Texas Ventures III, said, "PlusAI is a leader in autonomy and is positioned to provide one of the leading solutions to make autonomous trucking a commercial reality. PlusAI pairs real revenue today with a credible path to large-scale deployment, while remaining highly disciplined and capital-efficient. Our conviction is reflected in the capital we are committing alongside the transaction. We are excited to partner with David and the team to bring PlusAI to the public markets."

PlusAI: A Compelling Physical AI Investment Opportunity

Revenue Today, Autonomy Tomorrow: HyperFoundry monetizes proprietary physical AI assets today, with $25 million of revenue year-to-date and a target of $40--50 million of contracted revenue for full-year 2026, while SuperDrive provides long-term upside through a recurring Driver-as-a-Service model targeted for commercial launch in 2027.

Proven Autonomous Driving Technology Operating in Commercial Freight Today: SuperDrive is already transporting freight in commercial operations in Texas with Ryder and International, providing real-world validation and operational data.

Capital-Efficient, OEM-Led Commercialization: PlusAI partners with TRATON, Hyundai and IVECO to deploy factory-built autonomous trucks through existing manufacturing, sales and service channels.

Addressing a Massive Market Opportunity: Autonomous trucking addresses driver shortages, rising labor costs and increasing freight demand while improving utilization and fleet profitability.

Disciplined Execution and AI-Native Cost Structure: PlusAI operates as a software-first company with an AI-native operating model and disciplined expense structure.

Transaction Structure and Strategic Alignment

The transaction, which values PlusAI at an $800 million pre-money equity value, is supported by up to approximately $300 million of capital through $60+ million of fully committed financing, including a significant capital commitment from funds managed by Yorkville Advisors, alongside new and existing investors, and the Texas Ventures Acquisition III trust of approximately $236 million. This committed financing will satisfy the minimum cash condition to close the transaction under the definitive business combination agreement, and is expected to provide PlusAI with capital to execute its commercialization roadmap and fund PlusAI through 2027. This structure substantially reduces transaction execution risk and positions PlusAI to remain focused on OEM integration, commercial milestones and the targeted 2027 commercial launch of factory-built autonomous trucks integrated with SuperDrive.

Existing PlusAI stockholders, the Texas Ventures III sponsor and insiders will be subject to lock-up agreements following the closing of the transaction. The transaction has been unanimously approved by the boards of both PlusAI and Texas Ventures III and is expected to close in 2026, subject to customary closing conditions. Upon closing, the combined company will continue to operate as PlusAI.

Conference Call and Webcast Information

Management of PlusAI and Texas Ventures III will host an investor conference call to discuss the proposed transaction and review an investor presentation at 7:00am ET on September 3, 2026. Interested investors may access a recording of the conference call by visiting https://plus.ai/investors.

Additional Information About the Proposed Transaction and Where to Find It

Additional information about the transaction, including a copy of the business combination agreement, will be filed by Texas Ventures III in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the "SEC"). The proposed transaction will be submitted to shareholders of Texas Ventures III for their consideration. Texas Ventures III intends to file a Registration Statement on Form S-4 (the "Registration Statement") with the SEC, which will include preliminary and definitive proxy statements for the vote by Texas Ventures III's shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to PlusAI's shareholders in connection with the completion of the proposed transaction. Before making any voting or investment decision, Texas Ventures III and PlusAI shareholders are advised to read these documents when they become available. Shareholders may, once available, obtain a copy of the proxy statements, prospectus and other documents filed in connection with the proposed transaction by Texas Ventures III with the SEC, without charge, at the SEC's website at www.sec.gov or by providing a written request to Texas Ventures III at 1012 Springfield Avenue, Mountainside, New Jersey 07092.

Advisors

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, is serving as exclusive financial advisor, lead capital markets advisor, and sole placement agent to PlusAI. Wilson Sonsini Goodrich & Rosati, P.C., is serving as legal advisor to PlusAI. DLA Piper LLP (US) is serving as legal advisor to Texas Ventures Acquisition III Corp. Lowenstein Sandler LLP is serving as legal counsel to Cohen & Company Capital Markets.

About PlusAI

PlusAI is a global physical AI company pioneering AI-based virtual driver software for factory-built autonomous trucks. Its SuperDrive(TM) and HyperFoundry(TM) solutions accelerate the scalable development and deployment of autonomous vehicles. Headquartered in Silicon Valley with operations in the United States and Europe, PlusAI was named one of Fast Company's World's Most Innovative Companies. PlusAI is working with global commercial vehicle makers and ecosystem partners including TRATON GROUP's Scania, MAN, and International brands, Hyundai Motor Company, Iveco Group, NVIDIA, Ryder, Bosch, DSV, and Goodyear to bring next-generation autonomous trucks to market.

About Texas Ventures Acquisition III Corp

Texas Ventures Acquisition III Corp is a special purpose acquisition company incorporated under the laws of the Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an acquisition opportunity in any business, industry or geographical location.

Forward-Looking Statements