Mobile game developer Kunlun to pay $50M for 3% shares in China’s Waymo rival

This article by Eudora Wang originally appeared on China Money Network, the best data intelligence platform tracking China’s tech and venture capital markets (access requires subscription).

Kunlun Group Limited, a wholly-owned subsidiary of Chinese mobile game developer Beijing Kunlun Tech Co Ltd, plans to invest $50 million for a 3% stake in the country’s autonomous car start-up Pony.ai, according to an announcement released by Shenzhen-listed Beijing Kunlun Tech on late Wednesday.

Pony.ai, which was valued at nearly $1 billion after a Series A1 round in July 2018, develops artificial intelligence (AI) and autonomous driving solutions for transportation. Instead of making vehicles by itself, the company has partnered with automakers like China’s BYD Auto and GAC Group to produce software that helps transform their traditional cars into driverless vehicles.

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