Toyota Motor Corp-backed Pony.ai on Friday said that it has raised $267 million in the initial phase of its last funding round valuing the startup at $5.3 billion.
According to Pitchbook, the latest funding in the self-driving startup comes after eight month from its $462 million fundraising, making it one of the most valuable independent autonomous driving startups, with valuations than its rivals Aurora and Nuro.
The latest investment in Pony.ai comes at a time when the global automakers, startups, technology firms and electric vehicles (EVs) maker including Tesla, Alphabet Inc.’s Waymo and Uber, are investing funds into developing self-driving vehicles. Pony.ai plans to use the fund to develop technology and to expand its fleet and to boost its presence in the US and China.
Pony.ai in a statement said that the funding round was led by Ontario Teachers’ Pension Plan Board’s (Ontario Teachers’) Teachers’ Innovation Platform (OTPP). The self-driving startup is also backed by Sequoia Capital China and Beijing Kunlun Tech Co. and had recently, received investment from FAW Group to develop autonomous cars and trucks jointly.
In Early 2019, the Fremont-based Pony.ai has started developing its autonomous truck technologies. It has tested its vehicles in Fremont, Irvine, Chinese cities of Guangzhou and Beijing. Recently, the company has also launched an operation site in Shanghai.