Pony.ai
Pony.ai develops autonomous driving technology. Credit: Ontario Teachers’ Pension Plan.

Self-driving car startup Pony.ai has reportedly raised $100m in its Series C extension round for advancing its autonomous vehicle technology.

Established in late 2016, the Toyota-backed start-up develops autonomous mobility technologies and services in the US and China.

It focuses on the development of Level 4-standard autonomous driving technology, where the self-driving vehicle handles almost all driving situations independently.

With this additional investment, the total capital raised by the company in its Series C is said to have increased to $367m.

The latest funding round saw investments from two new investors, including Brunei Investment Agency, Brunei’s state-owned sovereign wealth fund, and CITIC Private Equity Funds Management (CPE), which is a private equity arm of CITIC Group.

Last November, Pony.ai raised $267m in the C funding round, which was led by the Ontario Teachers’ Pension Plan Board’s Teachers’ Innovation Platform (TIP).

TIP primarily focuses its investments on companies that have the potential to create disruptive technologies.

At that time, TIP senior managing director Olivia Steedman said: “We see a significant global opportunity for autonomous vehicle technology.

“Pony.ai’s leading technology and deep, strategic understanding of the sector have helped to position the company as a leader in this space.”

Since the inception, the company is said to have raised more than $1.1bn capital through funding rounds from various investors, including Beijing Kunlun Tech, DCM China, Sequoia Capital China, Beijing Kunlun Tech, Legend Capital, and Comcast Ventures to name a few.

Last February, Pony.ai raised $462m in a funding round led by Japanese automaker Toyota Motor.

Through the funding round, Toyota made an investment of $400m in the company, valuing the start-up at around $3bn.

Both companies agreed to further strengthen their collaboration in autonomous driving technology development and mobility service deployment.