Pony.ai has secured a $27 million investment from GAC as the company approaches its IPO, to further develop its autonomous driving technology.

Oct 13, 2024•10 months ago

Amount Raised

$27 Million

Brunei

Investors

Gac

Description

Chinese state-owned carmaker GAC is investing a total of $27 million in Pony.ai, which is preparing for an IPO in the US. This investment is part of GAC's broader strategy in the autonomous vehicle sector, following a recent $100 million fundraising by Pony.ai in October 2023.

Company Information

Company

Pony.ai

Location

Brunei

About

Two new investors, Brunei's sovereign wealth fund Brunei Investment Agency and China's Citic Group's Citic Private Equity, were the sole investors in the latest round, the Chinese car firm that has offices in Beijing and Silicon Valley said in a statement on its WeChat account, without disclosing how the funds will be spent. The startup was valued at USD5.3 billion after that. The company was founded in December 2016 by Lou Tiancheng, former Baidu executive, and James Peng, Baidu’s former chief architect for autonomous driving.

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