Le Supercar, the smart car developer spun out of China-based internet and technology developer LeEco, has raised $1.08bn in funding from backers including laptop and smartphone maker Lenovo, China Money Network reported today.
Lenovo, part of the Legend Holdings group, invested together with conglomerate Macrolink Group and Yingda Capital, the venture capital firm backed by the Chinese State Grid, while China Minsheng Trust, Hongzhao Capital and the state-controlled Shenzhen Capital Group also took part.
Launched in 2014, Le Supercar has a team of more than 1,000 people working together to develop an autonomous car provisionally named LeSee.
The startup is collaborating with sports car producer Aston Martin, automotive manufacturer GAC Group and electric vehicle developer Faraday Future, and plans to set up a $3bn auto park in Zhejiang Province where it will assemble the vehicles.
Le Supercar claims the funding represents the largest first round ever closed by an automotive startup. Macrolink provided $50m for the round, its investment having been revealed last month.
The news was formally announced by LeEco founder Jia Yueting simultaneously on the group’s Leshi TV platform and television channel Jiangsu TV.