Toyota leads latest round of funding for autonomous driving startup Pony.ai
The company raised $462 million, with Toyota investing around $400 million
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. | 174.40 | +1.02 | +0.59% |
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.