Guangzhou-based mobile transportation technology and service company, Ontime, announced its plans to accelerate the application of commercialized autonomous driving products following the successful completion of its second round of financing. The company raised an impressive 842 million yuan ($117.29 million) in a recent funding round, with participation from various industry funds and financial investors. Remarkably, this marks the first financing achievement of a domestic mobile transportation company in 2023.
Ontime, an affiliate of Chinese automobile company GAC Group, also disclosed its intentions to build a comprehensive open autonomous driving operation technology system, as stated in an official company announcement. This strategic move emphasizes Ontime’s commitment to advancing autonomous driving technology and expanding its reach in the transportation sector.
In line with its expansion plans, Ontime has entered into an agreement with Pony.ai, an autonomous driving service provider, and the administrative authority of the Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Qianhai. This collaboration aims to introduce fully unmanned robotaxi services in Qianhai, a district in Shenzhen, Guangdong, in the near future.
Ontime’s focus on autonomous driving aligns with the broader trend of embracing self-driving vehicles in the transportation industry. By securing substantial funding and forging partnerships with key players in the autonomous driving field, Ontime positions itself as a prominent player in the emerging market of self-driving technology.
With the financial backing from its recent financing round and the collaborative efforts of industry leaders, Ontime is poised to leverage its expertise to drive advancements in autonomous driving technology and establish itself as a major contributor to the development of intelligent transportation systems in China and beyond.
