Beijing Kunlun Tech is to invest US$50 million for a 3% stake in Guangzhou-based autonomous driving technology startup Pony.ai, reports Technode.
Pony.ai claimed to be the first to offer fully self-driving car rides to the public in China. It did a soft launch of an autonomous ride-hailing fleet in Guangzhou in February 2018. It was also the first startup to secure an autonomous vehicle testing license in Beijing.
Pony.ai completed its Series A and A1 financing rounds in 2018, raising a total of $214 million, with backers including Sequoia Capital China, China Merchants Capital and Morningside Ventures. Instead of making its own cars, the company partners with local automobile groups like BYD Auto and GAC to provide AI solutions that turn their cars into driverless vehicles.