A Chinese self-driving vehicle startup, Pony.ai, recently stated they have finished a $214 million fundraising round. This is the largest Series A fundraising round by an autonomous car company in China as the competition continues to heat up.
This round of investment, which was led by ClearVue Partners and Eight Roads, puts the company up to a total funding level of $230 million only two years after starting up.
The investment will encourage fleet expansion, team growth, growing and supporting current and future partnerships as well as boosting their entry into commercialization of their technology, Pony.ai said recently in a statement.
“I truly believe the next major challenge for autonomous cars will be small and medium scale deployment – this is an absolutely critical step to validating the system’s overall stability and reliability,” said Pony.ai chief executive officer James Peng.
Pony.ai finished their Series A round of funding in January, raising $112 million. This second stage of funding has pushed Pony past their rival Roadstar.ai, who raised $128 million during their own Series A fundraising round only a month earlier.
“Automotive is an essential component of large-ticket consumption,” said Kathleen Ying, a partner of ClearVue Partners. “And autonomous vehicles will be a defining characteristic of future mobility.”
Managing partner at Eight Roads, Jarlon Tsang, recently said he thinks self-driving cars a world changing technology. Pony.ai, JingChi, and Roadstar.ai are all Chinese self-driving startups which began in Silicon Valley and are now pushing out to development their efforts into China with the goal to eventually introduce robot taxi services in China by the end of this year.
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