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Chinese autonomous vehicle startup Pony.ai hits $5.3 billion valuation

Pony.ai, the Chinese autonomous vehicle startup and relative outsider to the industry, is now valued at $ 5.3 billion following a fresh injection of $267 million in funding.

The round was led by TIP, an innovation fund within the Ontario Teachers’ Pension Plan Board that focuses on late-stage venture and swelling equity investments in firms that deliver disruptive engineering. Existing marriages Fidelity China Special Situations PLC, 5Y Capital( formerly Morningside Venture Capital ), ClearVue Marriage and Eight Roads too was represented at the round.

The new funding is principally be used for research and development, according to the company.

Pony.ai has won over investors, OEMs and Tier 1 suppliers during its four-year existence. The corporation, which operates in China and California, has raised more than$ 1 billion since its founding, including $400 million from Toyota. Pony has several partnerships or collaborations with automakers and suppliers, including Bosch, Hyundai and Toyota.

Pony is building what it describes as an agnostic virtual driver for all sizes of vehicles, from big vehicles to big trucks, and to operate on both ridesharing and logistics( transmission) work networks. The busines said back in 2019 that it was working with OEMs and suppliers to apply its automated technology to the long-haul trucking market. But it’s perhaps best known for its effort around robotaxis.

The company has launched ridesharing and commuter aviators in Fremont and Irvine, California and Guangzhou, China. Last time, a sail of electrical, autonomous Hyundai Kona crossovers furnished with a self-driving system from Pony.ai and Via’s ride-hailing platform began shuttling patrons on public streets. The robotaxi busines, announced BotRide, wasn’t a driverless service, as there was a human safety driver behind the pedal at all duration. The BotRide captain was signed in January 2020.

The company then started operating a public robotaxi service called PonyPilot in the Irvine area. Pony altered that robotaxi busines from shuttling parties to packages as the COVID-1 9 pandemic cros through the world countries. In April, Pony.ai announced it had partnered with e-commerce platform Yamibuy to provide autonomous last-mile delivery service to clients in Irvine. The new transmission service was launched to provide additional capacity to address the surge of online successions triggered by the COVID-1 9 pandemic, Pony.ai said at the time.

California has caused two Chinese startups give robotaxis to the public

Read more: feedproxy.google.com

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