Pony.ai, the U.S. autonomous vehicle start-up, has raised $267 million in Series C funding. This new round values the Fremont, California-based company at $5.3 billion.
It’s also announced a new strategic partnership with China FAW which has invested in Pony.ai to deepen collaboration in developing autonomous vehicles jointly.
The company says the new round of investment and strategic partnerships will help it grow and develop at faster rate to produce safe and reliable autonomous vehicle technology.
Earlier in 2020, it announced an investment of $400 million from Toyota Motor Corporation.
In a blog, the company states: ‘We will give full play to the technical and product advantages in vehicle design and manufacturing, V2X, to Mobility-as-a-service. Moreover, we will work closely together to integrate advanced autonomous driving systems and vehicle platforms to explore the advantages of L4 autonomous driving systems’.
It adds: ‘We will engage in pre-installation mass production and business operations models while strengthening collaboration to accelerate the development and implementation of autonomous driving technology’.
Founded in 2016, Pony.ai is the first mobility group to launch and offer a public-facing Robotaxi service in California and in China.