Chinese startup Pony.ai valuation rises to $8.5 billion

Chinese startup Pony.ai is developing systems for the production of unmanned vehicles. The company indicated its valuation increased by $3.2 billion, or 65%, to $8.5 billion during its latest round of fundraising. At the same time, the Pony.ai startup did not disclose how much money it received from investors. However, the head of the Chinese company, James Peng, spoke about how the company intends to use them. The main part of the funds received from investors will be directed to the creation of sites in different countries of the world, where the operation of unmanned vehicles will be tested. In addition, Pony.ai plans to increase its staff significantly. The head of the company also said that the funds raised would last for several years. Pony.ai has been having problems lately. California authorities banned her from testing the autopilot system due to the accident. In addition, the Chinese authorities have tightened the requirements for companies operating in the technology sector. As a result, startup Pony.ai was forced to pull out of an IPO in the United States.

Source: xCritical.com