November 06, 2020
FREMONT, Calif. ― Pony.ai, an autonomous driving company, today announces a new investment round led by Ontario Teachers’ Pension Plan Board’s (Ontario Teachers’) Teachers’ Innovation Platform (TIP). TIP focuses on late-stage venture and growth equity investments in companies that deliver disruptive technology.
The initial US$267 million close on this round also had participation from existing partners Fidelity China Special Situations PLC, 5Y Capital (formerly Morningside Venture Capital), Clearvue Partners, and Eight Roads, among others, bringing the company’s accumulated capital raised to over US$1.0 billion and post-money valuation to over US$5.3 billion.
“Pony.ai is approaching its mission of delivering autonomous mobility everywhere by building technology that allows vehicles to drive safely on public roads,” said Pony.ai CEO James Peng. “With new investments that support our growth and deepened partnerships with our existing investors, we are quickly advancing toward future mobility and bringing autonomous vehicle technology to the global market.”
“We see a significant global opportunity for autonomous vehicle technology,” said Olivia Steedman, Senior Managing Director, TIP, at Ontario Teachers’. “Pony.ai’s leading technology and deep, strategic understanding of the sector have helped to position the company as a leader in this space.”
“This is a milestone investment for our global TIP team,” said Ben Chan, Regional Managing Director, Asia Pacific, at Ontario Teachers’. “We are very excited to be part of Pony.ai’s growth story across the globe.”
Since its establishment in December 2016, Pony.ai has been committed to revolutionizing the future of transportation by building safe and reliable solutions for autonomous mobility. The company partners with top global original equipment manufacturers (OEMs) to standardize and commercialize autonomous technology.
Pony.ai has been offering its Robotaxi services to the general public in major cities across the U.S. and China, serving thousands of riders – and covering more than 3.5 million kilometres autonomously – since 2018. Pony.ai is also working closely with OEMs, tier-ones, and logistic companies to develop robotruck solutions targeting the long-haul logistics market.
“We are honored to welcome new partners to join our mission of delivering autonomous mobility on a global scale by building safe and reliable self-driving vehicle technology,” added Mr. Peng.
Pony.ai is a technology company building safe and reliable autonomous driving technology. Founded in late 2016, Pony.ai has been a pioneer in autonomous mobility technologies and services across the U.S. and China, spearheading public-facing Robotaxi pilots in both markets. Pony.ai is committed to creating a safe and sustainable mobility future by delivering autonomous mobility everywhere.
About Ontario Teachers'
The Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.5% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific regional offices are in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as of January 1, 2020, invests and administers the pensions of the province of Ontario's 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo
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