Toyota leads latest round of funding for autonomous driving startup Pony.ai
The company raised $462 million, with Toyota investing around $400 million
U.S. Secretary of Transportation Elaine Chao discusses the usefulness of drones in commercial and military roles, the security issues associated with the growth in drone use and the transition to autonomous vehicles as well as the government’s priority with the Boeing 737 Max situation at the World Economic Forum in Davos.
The autonomous driving firm Pony.ai pulled in a large amount of cash in its latest funding round, helped by Toyota.
The company raised $462 million, with Toyota investing around $400 million, according to Reuters.
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The latest round values the three-year-old Silicon Valley-based firm at slightly more than $3 billion.
Courtesy: Pony.ai
Other investors include Sequoia Capital China and Beijing Kunlun Tech Co.
Reuters reported the funding earlier on Wednesday, citing people familiar with the matter.
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Toyota is just one of the latest automakers to pour money into developing self-driving vehicles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 232.00 | +1.20 | +0.52% |
The latest funding will support Pony.ai's future robotaxi operations and technology development, according to Reuters.
Courtesy: Pony.ai
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Toyota will launch its first vehicle with autonomous highway driving capabilities this year.