GAC-backed Ontime bags 842 million yuan in Series B funding

Beijing (Gasgoo)- Chinese mobility service provider Ontime completed its Series B funding round, raising 842 million yuan. The round was led by GAC Group, with participation from multiple industry funds and financial investors. 

Ontime Robotaxi; photo credit: Ontime

Ontime’s financing round marked the first financing deal in China’s mobility industry in 2023. With the completion of this funding round, Ontime will further develop an open and comprehensive autonomous driving operational technology system, accelerating the commercialization of autonomous driving products.

Ontime's business encompasses three major areas, including rideshare services, Robotaxi operations, and autonomous driving solutions. It has launched operations in cities such as Guangzhou, Shenzhen, Foshan, Zhuhai, Dongguan, Zhongshan, Huizhou, Zhaoqing, and Changsha. As of June 2023, Ontime has accumulated over 21 million registered users.

Since 2022, Ontime has introduced the first open Robotaxi operational technology platform, regulatory platform, data platform, and Robotaxi vehicle management system in China. It has established data integration with multiple autonomous driving technology companies. 

In April of this year, Ontime was granted the permission to conduct demonstration operation with its intelligent connected vehicles in Guangzhou, and its self-owned Robotaxi fleet has commenced services. In June, Ontime signed a tripartite cooperation agreement with Pony.ai and Shenzhen Qianhai, initiating a pilot operation of autonomous driving commercialization in the Qianhai Cooperation Zone in Shenzhen.

Furthermore, Ontime has developed an intelligent driving toolchain, which includes data annotation, high-precision map, and AI perception capabilities for autonomous driving. It is committed to iteratively improving technology and products through data and scenario feedback, benefiting both automakers and autonomous driving companies.