UPDATED 20:38 EDT / JULY 11 2018

EMERGING TECH

Pony.ai raises an additional $102M to accelerate autonomous vehicle deployment

Self-driving car technology startup Pony.ai has raised an additional $102 million in an extension of its $112 million round in January to accelerate expansion into low- and medium-volume autonomous vehicle deployment.

The additional money from the Series A1 round came from Green Pine Capital Partners, CMC Capital, Redpoint Ventures China, Hong Kong businessman Adrian Cheng and Delong Capital. According to VentureBeat, the money was raised on a valuation near $1 billion.

Founded in 2016, Pony.ai is building level 4 autonomy technology, a grade of self-driving car technology that delivers “fully autonomous” navigation designed to perform all safety-critical driving functions and monitor roadway conditions for an entire trip. That level is not full autonomy, which is level 5, but it means that the vehicle using it can fully drive itself while retaining a steering wheel and requiring human assistance in some scenarios.

Although little-known in the west, Pony.ai was founded by former engineers from both Google X (now Waymo LLC) and Baidu Inc. It’s rapidly moving ahead with its abilities, having launched its first on-road ride-hailing program in February involving self-driving vehicles navigating a 2.8-kilometer route in Nansha, a district in the Chinese city of Guangzhou.

In the five months since it has started testing its tech on-road, the company has continued to advance. It obtained a T3 autonomous vehicle testing license for Beijing in June, which allows it operate vehicles on 105 kilometers or 65 miles of designated roads.

Reflecting its ambitions even further, the company said it was planning, subject to regulatory approval, to start rolling out robotic taxi services across China by the end of this year. That by itself places it up with Waymo, which started offering commercial driverless ride-hailing service in Phoenix, Arizona, in May.

“I truly believe the next major challenge for autonomous cars will be small and medium scale deployment – this is an absolutely critical step to validating the system’s overall stability and reliability,” Pony.ai chief executive officer James Peng said in a statement.

The company didn’t mention any plans to deploy its technology in the U.S., but it has a research facility and a testing license in California.

Picture: Pony.ai

A message from John Furrier, co-founder of SiliconANGLE:

Support our open free content by sharing and engaging with our content and community.

Join theCUBE Alumni Trust Network

Where Technology Leaders Connect, Share Intelligence & Create Opportunities

11.4k+  
CUBE Alumni Network
C-level and Technical
Domain Experts
15M+ 
theCUBE
Viewers
Connect with 11,413+ industry leaders from our network of tech and business leaders forming a unique trusted network effect.

SiliconANGLE Media is a recognized leader in digital media innovation serving innovative audiences and brands, bringing together cutting-edge technology, influential content, strategic insights and real-time audience engagement. As the parent company of SiliconANGLE, theCUBE Network, theCUBE Research, CUBE365, theCUBE AI and theCUBE SuperStudios — such as those established in Silicon Valley and the New York Stock Exchange (NYSE) — SiliconANGLE Media operates at the intersection of media, technology, and AI. .

Founded by tech visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a powerful ecosystem of industry-leading digital media brands, with a reach of 15+ million elite tech professionals. The company’s new, proprietary theCUBE AI Video cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.