GUANGZHOU, China — Driverless automotive firm Pony.ai has employed Lawrence Steyn, at present vice chairman of funding banking at JPMorgan, to be its first chief monetary officer.

The beginning-up, which has operations within the U.S. and China, mentioned Steyn’s hiring will assist the corporate with “business progress and world deployment.”

When start-ups rent CFOs, it could actually typically trace towards an preliminary public providing down the road.

Pony.ai declined to remark when contacted by CNBC a few potential IPO.

In November, Pony.ai raised $267 million, valuing it at $5.3 billion. The corporate is a competitor to the likes of Waymo, the self-driving automotive subsidiary of Google guardian firm Alphabet.

Pony.ai makes autonomous driving techniques that it could actually promote to automakers. It has been testing so-called robotaxis or driverless taxis in California and the southern Chinese language metropolis of Guangzhou.

Earlier this 12 months, Pony.ai acquired a allow from the California Division of Motor Autos to check absolutely autonomous vehicles with out the necessity for a security driver. Pony.ai plans to roll out its absolutely driverless robotaxi service to most people in 2022 in Irvine, California.

Presently, Pony.ai’s robotaxi service is offered to most people in Guangzhou and Irvine, however there’s a security driver.

Steyn will be a part of the group to “lead the cost in deploying full autonomy at scale,” Pony.ai mentioned in a press launch.