Internet group Tencent has led a $120m series A round for China-based connected vehicle technology developer Mogu Zhixing, China Money Network reported today, citing data on business information platform Tianyancha.
E-commerce firm JD.com and Bertelsmann Asia Investments, the local corporate venturing arm for media group Bertelsmann, were also among the participants in the round. In addition, online automotive marketplace Yixin could be among the investors, according to 36Kr.
Mogu Zhixing has created an in-car system that can use internet-of-things technology to perform functions such as locating and tracking vehicles, accessing travel data and locating automotive repair and maintenance services.
The company’s employees have logged time at Tencent as well as internet company Baidu, software provider Microsoft, consumer electronics manufacturer Huawei and carmaker BMW, according to 36Kr.
Tencent’s investment in the company comes alongside its formation yesterday of a $150m mobility-focused joint venture with automotive manufacturer GAC and public transport operator Guangzhou Public Transport Group.
