The funding will help Pony.ai open new testing and operation sites. Here are the top-line bullets you need to know.
Pony.ai, an autonomous driving technology company, has closed a Series D funding round at an $8.5B valuation.
HOW’S THE COMPANY PERFORMING?
- California-based Pony.ai provides autonomous driving solutions and has launched robotaxi pilots in the US and China.
- The company’s self-developed software algorithms and infrastructure help vehicles assess their environment, anticipate the movements of other motorists, and maneuver themselves accordingly.
- It has partnerships with several OEMs, including Toyota, Hyundai, FAW Group, and GAC Group.
- The startup is currently supported by a team of over 1K employees globally.
WHY DOES THE MARKET MATTER?
- The global advanced driver assistance system market is expected to reach a value of $77.8B by 2027, growing at a CAGR of 18.8%, according to Global Industry Analysts.
- Autonomous vehicle tech is expected to go mainstream over the next 2 decades — and 40+ major corporates, including Google, Apple, and Mercedes Benz, have already launched self-driving vehicle initiatives.
- The Covid-19 pandemic has given autonomous driving technology a boost, as it can serve as a contactless, safe option for personal mobility and delivery services.
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