HONG KONG/BEIJING (Reuters) – Autonomous driving firm Pony.ai said on Wednesday it has raised $462 million in its latest funding round, led by an investment by Japan’s largest automaker Toyota Motor Corp.
FILE PHOTO: Staff members are seen at the Halloween-decorated reception area of the Chinese self-driving startup Pony.ai headquarters in Guangzhou, Guangdong province, China October 24, 2019. REUTERS/Yilei Sun
Toyota invested around $400 million in the round, Pony.ai said in a statement, marking its biggest investment in an autonomous driving company with a Chinese background.
The latest fundraising values the three-year-old firm, already backed by Sequoia Capital China and Beijing Kunlun Tech Co, at slightly more than $3 billion.
Reuters reported the funding earlier on Wednesday, citing people familiar with the matter. The sources added that some of Pony.ai’s existing investors had joined the financing, but did not specify names.
The investment by Toyota comes at a…
Source Reuters Tech News