The round was co-led by ClearVue Partners and Eight Roads (the proprietary investment arm of Fidelity International Limited) with participation from new investors Green Pine Capital Partners, China Merchants Capital, Redpoint Ventures China, Adrian Cheng (Founder of K11), and Delong Capital and existing investors Sequoia Capital China, Morningside Ventures, DCM Ventures, and Hongtai Capital. This continuation of funding brings Pony.ai’s total Series A to $214M.
The company intends to use the funds for fleet expansion, team growth, existing and new partnership support, and entry into commercialization.
Founded in late 2016 by CEO James Peng, Pony.ai builds a self-driving solution based on self-developed software algorithms and infrastructure that enables a vehicle to accurately perceive its surroundings, predict what others will do, and maneuver itself accordingly.
The company recently launched an autonomous ride-hailing fleet in Guangzhou, in China and became the first startup to secure an AV (autonomous vehicle) testing license in Beijing.