FREMONT — Pony.ai, a company working on self-driving automotive technology, has raised $400 million from Toyota Motor Corporation to deepen and expand the two companies’ collaboration in mobility services. The investment comes as an extension of a business partnership that was formed between Pony.ai and Toyota in 2019.
Both companies will continue to expand their joint efforts in self-driving technology development. The new funding totals $462 million and puts Pony.ai’s valuation at just over $3 billion.
The company operates in Silicon Valley and China.
Strengthened ties with Toyota will enable deeper integration of Pony.ai’s autonomous driving system with Toyota’s robust vehicle platforms and technologies. This type of collaboration is a strategic approach for both companies. In August 2019, Pony.ai and Toyota initiated joint autonomous driving pilots in China. This year’s strategic investment will expand the partnership’s scope of collaboration. In addition to co-developing autonomous driving technology, Pony.ai and Toyota will look beyond the vehicle itself to explore further possibilities on mobility services.
Since its establishment in December 2016, Pony.ai has been committed to revolutionizing the future of transportation by building the safest and most reliable solution for autonomous mobility. Pony.ai has been testing its Robotaxi pilot service, PonyPilot since late 2018 in Guangzhou, China. With PonyPilot, Pony.ai became the first company to launch a Robotaxi operation and offer self-driving car rides to the general public in China. In November 2019, Pony.ai also became the first company to roll out a public-facing Robotaxi pilot service in California, demonstrating its ambition and commitment to mobility services at a global scale.