Pony.ai gains $267 Million in latest fundraising to boost its popularity

On Friday, Pony.ai announced that it had raised $267 Million in the initial phase of its fundraising to increase its popularity in the United States and China.

The autonomous vehicle technology company said that its total market value reached $5.3 billion.

Pony.ai stated that the funding was led by Ontario Teachers’ Pension Plan Board’s Teacher Innovation Platform (OTPP).

“With new investments that support our growth and deepened partnerships with our existing investors, we are quickly advancing toward future mobility and bringing autonomous vehicle technology to the global market,” Pony.ai’s Chief Executive Officer James Peng said in a statement and declined to disclose further details.

“The company will explore mobility services with Toyota,” he added.

Pony.ai had already partnered and received investments from several automakers including Toyota (TYO) and FAW Group (SHE: 000800).