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Chinese language driverless automobile firm Pony.ai valued at $ 5.three billion after new money injection

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Pony.ai self-driving cars drive along a road during a test run on February 1, 2018 in Guangzhou, China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China – Chinese driverless car startup Pony.ai has raised another round of funding and raised its valuation to $ 5.3 billion, the company said on Friday.

A fund operated by the Ontario Teachers' Pension Plan Board led the $ 267 million investment, which included existing investors. According to Pony.ai, a total of $ 1 billion has been raised so far.

Pony.ai is a competitor to Waymo, the self-driving car subsidiary of Google's parent company Alphabet. Pony.ai manufactures and sells the technology required for driverless cars, working with automakers to do so.

"With new investments that support our growth and deepened partnerships with our existing investors, we are rapidly moving towards future mobility and bringing autonomous vehicle technology to the global market," said James Peng, CEO of Pony.ai, in a press release.

The company, headquartered in California and the city of Guangzhou in southern China, has tested autonomous cars on the streets. However, regulations still require a person to be behind the wheel.

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Katherine Clark