(Yicai Global) March 7 -- Pony.ai has wrapped up its latest round of fundraising, boosting its market valuation to USD8.5 billion, the Chinese self-driving technology developer backed by Toyota Motor said today.

This is a 65 percent jump from its previous valuation after the Series-C round in February 2021, the Guangzhou-based company said. No details on the amount raised nor the participants were given.

Z&Y Capital did, however, say on its WeChat account that it has hiked investment in Pony.ai.

The proceeds from the Series D round will go towards research and development, enabling mass production and commercialization of autonomous driving tech, increasing global testing and operations, hiking output of its Robotaxis and Robotrucks as well as team building, the firm said.

Pony.ai, which has R&D centers in Silicon Valley, Guangzhou, Beijing and Shanghai, has almost USD1 billion in cash, it said. The company has licenses to operate and to conduct self-driving tests in parts of China and the US.

Editor: Kim Taylor