Pony.ai, a California developer of self-driving car technology that has landed big investments from Toyota and other major automobile players, has raised another $100 million, Venturebeat reports.
Pony.ai was founded in Fremont, Calif., in 2015 by computer scientists with backgrounds at Google and other Silicon Valley giants. The company notes in its marketing material that it is the only autonomous car company to win approval for operating self-driving taxis in both California and China.
In addition to Fremont, the company also has a major hub in Guangzhou, China.
The company’s hardware systems use radar, cameras and other systems to help autonomous cars navigate. Its business partners include automotive-industry heavyweights such as Toyota and Bosch. But the company also faces stiff competition from the sector, including from Germany’s Daimler.
According to Venturebeat, the latest fund raise puts Pony.ai’s valuation at $5.3 billion — up from $3 billion as recently as February 2020.
The self-driving car industry has gotten off to a rough start in some ways, especially after safety events. But some advocates are saying the COVID-19 pandemic has highlighted its benefits.
One COVID-related reason for promoting self-driving vehicles, according to their proponents, is that a vehicle with no human operator can be more germ-free than a vehicle with a human operator. Another reason is that the vehicles can be used during labor shortages to deliver food and medicine.
With the new investment, Venturebeat reported, Pony.ai’s stakeholders include: Brunei Investment Agency, the Middle Eastern company’s sovereign wealth fund, and CITIC Private Equity Funds Management; Toyota; Beijing Kunlun, a video game company; Wanwei; Sequoia Capital China; IDG Capital; Legend Capital; Ontario Teachers’ Pension Plan; Fidelity China Special Situations PLC; 5Y Capital; ClearVue Partners; and Eight Roads.
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