Eight Roads-backed Pony.ai raises $267m Series C
Chinese autonomous driving company Pony.ai has received US$267 million in Series C financing at an over $5.3 billion valuation.

This round was led by Teachers’ Innovation Platform (TIP) under the Ontario Teachers’ Pension Plan (OTPP) in Canada. Existing partners Fidelity China Special Situations PLC, 5Y Capital, ClearVue Partners and Eight Roads also participated in the round. 

The new funds will primarily be used for research and development.

Dr. James Peng, co-founder and CEO of Pony.ai, said: “Pony.ai is committed to creating virtual drivers that can freely respond to various road conditions and promote the full popularity of autonomous driving. New financing will help support our business growth and deepen in partnership with existing investors. We will rapidly advance the research and development of future autonomous driving technology and bring autonomous driving technology to the global market."

Since its establishment at the end of 2016, Pony.ai has always been committed to providing safe and reliable autonomous driving technology and striving to achieve a radical change in transportation in the future.

The company has joined hands with many top vehicle manufacturers in the world, and is working towards standardization and commercialization of technology.

Pony.ai has launched Robotaxi services in both China and the United States, providing travel services for passengers on a limited basis. The company has accumulated more than 3.5 million kilometers of autonomous driving worldwide. The company is also working closely with car companies, first-tier suppliers and logistics companies to build autonomous trucks to provide autonomous driving solutions for trunk logistics and long-distance freight.