Singulato Motors, a China-based electric vehicle (EV) developer backed by cybersecurity software provider Qihoo 360, is raising RMB3bn ($474m) in series C funding from undisclosed investors, China Money Network reported.
Shen Haiyin, the company’s founder and chief executive, said it expects the round to be closed next month, when firm details will be released. Shen was previously a vice-president at Qihoo 360.
Founded in 2014 and also known as Zhiche Auto, Singulato is developing a range of EVs, the first of which will be a sports utility vehicle it plans to bring to market by the end of 2018.
The fundraising was disclosed alongside a partnership agreement with BAIC Bjev, the new-energy vehicle subsidiary of carmaker SAIC, through which the companies will collaborate on developing and deploying technology, charging facilities and distribution resources.
The company announced earlier this month it intends to invest about $2.4bn in manufacturing and research and development activities that will be located in the Chinese city of Suzhou. It has already built a factory in another city, Tongling.
Singulato received $600m in a 2016 series B round featuring Qihoo 360 as well as TaoYun Beijing Investment Fund and investment firm GX Capital, according to China Money Network.
– Photo courtesy of Singulato Motors.