Pony.ai, the Chinese autonomous vehicle startup and relative newcomer to the market, is now valued at $5.3 billion following a fresh injection of$267 million in funding. The round was led by TIP, a development fund within the Ontario Educators ‘Pension Plan Board that concentrates on late-stage venture and development equity financial investments in business that deliver disruptive technology. Existing partners Fidelity China Unique Circumstances PLC, 5Y Capital(formerly Morningside Venture Capital), ClearVue Partners and 8 Roadways also took part in the round. The brand-new funds will mostly be utilized for research and advancement, according to the business. Pony.ai has won over investors, OEMs and Tier 1 suppliers throughout its four-year existence. The company,
which operates in China and California, has raised more than $1 billion considering that its starting, consisting of$400 million from Toyota. Pony has a number of partnerships or collaborations with car manufacturers and providers, consisting of Bosch, Hyundai and Toyota. Pony is building what it describes as an agnostic virtual chauffeur for all sizes of lorries, from small cars and trucks to large trucks, and to run on both ridesharing and logistics (delivery )service networks. The company said back in 2019 that it was working with Suppliers and oems to apply its automated technology to the long-haul trucking market. But it’s perhaps best understood for its effort around robotaxis. The company has actually launched ridesharing and commuter pilots in Fremont and Irvine, California and Guangzhou, China. Last year, a fleet of electric, self-governing Hyundai Kona crossovers equipped with a self-driving system from Pony.ai and Via’s ride-hailing platform started shuttling customers on public roads. The robotaxi service, called BotRide, wasn’t a driverless service, as there was a human safety motorist behind the wheel at all times. The BotRide pilot concluded in January 2020. The business then began running a public robotaxi service called PonyPilot in the Irvine location. Pony shifted that robotaxi service from shuttling people to plans as the COVID-19 pandemic
swept through the world. In April, Pony.ai announced it had partnered with e-commerce platform Yamibuy to supply autonomous last-mile shipment service to customers in Irvine. The new shipment service was launched to offer additional capacity to address the rise of online orders triggered by the COVID-19 pandemic, Pony.ai said at the time. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.