Brunei Sovereign Wealth Fund Participates in Series C Extension in Pony.ai
Posted on 02/07/2021
Pony.ai is a self-driving automobile startup. The company raised US$ 100 million in an extension of its series C round. Investors are betting on the transportation as a service (Taas) theme. Brunei Investment Agency (BIA) and CITIC Private Equity Funds Management participated in the series C extension. Previous and existing investors in Pony.ai include Toyota, video game publisher Beijing Kunlun Wanwei, Sequoia Capital China, IDG Capital, and Legend Capital. Ontario Teachers Pension Plan led this latest round, with participation from Fidelity China Special Situations PLC, 5Y Capital, ClearVue Partners, Eight Roads, and others.
Pony.ai has now raised over US$ 1 billion at a post-money valuation of US$ 5.3 billion, up from US$ 3 billion as of February 2020.
James Peng co-founded Pony.ai in 2016 with Tiancheng Lou, who worked at Google X’s autonomous car project before it was spun off into Waymo. James Peng was a former Baidu.com chief architect. Pony.ai has offices in Guangzhou and Fremont, California.
