Pony.ai raises $400 million from Toyota to advance development of autonomous driving tech

February 26, 2020 | AUVSI News

Autonomous driving company Pony.ai has raised $400 million from Toyota Motor Corporation, which will be used to advance the companies’ joint efforts in autonomous driving technology development and mobility service deployment. The new funding totals $462 million and puts Pony.ai’s valuation at just over $3 billion.

An extension of a business partnership that Pony.ai and Toyota established in 2019, the latest strategic investment will expand the partnership’s scope of collaboration, as the companies will not only co-develop autonomous driving technology, but they will also look beyond the vehicle itself to explore further possibilities on mobility services.

“Strengthened ties 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,” Pony.ai says via press release.

Since late 2018, Pony.ai has been testing its Robotaxi pilot service, PonyPilot, in Guangzhou, China, becoming the first company to launch a Robotaxi operation and offer self-driving car rides to the general public in China. In Nov. 2019, Pony.ai became the first company to launch a public-facing Robotaxi pilot service in California.

Pony.ai and Toyota launched joint autonomous driving pilots in China in Aug. 2019.