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Chinese language driverless automobile agency Pony.ai valued at $5.3 billion after new money injection

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Pony.ai self-driving vehicles run alongside a street throughout a trial run on February 1, 2018 in Guangzhou, China.

VCG | Visible China Group | Getty Photographs

GUANGZHOU, China — Chinese language driverless automobile startup Pony.ai has raised one other spherical of funding, bringing its valuation to $5.3 billion, the corporate mentioned on Friday.

A fund run by the Ontario Lecturers’ Pension Plan Board led the $267 million funding which additionally concerned present traders. Pony.ai says it has raised a complete of $1 billion up to now.

Pony.ai is a competitor to the likes of Waymo, the self-driving automobile subsidiary of Google father or mother firm Alphabet. Pony.ai makes and sells the know-how required for driverless vehicles and companions with automakers to take action.

“With new investments that assist our development and deepened partnerships with our present traders, we’re rapidly advancing towards future mobility and bringing autonomous car know-how to the worldwide market,” James Peng, CEO of Pony.ai, mentioned in a press launch.

The corporate, which has headquarters in California and the southern Chinese language metropolis of Guangzhou, has been testing autonomous vehicles on the roads. Nonetheless, an individual remains to be required behind the wheel resulting from rules.

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