Shenzhen Immotor Technology, a China-based electric bike and battery provider, has reportedly raised hundreds of millions of Chinese yuan in a series C1 round from a consortium including China Southern Power Grid Capital, a state-owned utility.
Other investors in the C round included venture capital firm Idinvest Partners, Pksha Sparx Algorithm Fund, Asia Green Fund, Qingdao Yongwan Capital Asset Management Group, Mirae Asset Venture Investment and 57Stars.
Daniel Huang, CEO at Immotor, said the funds raised would mostly be used to develop innovative products and increase the density of its battery exchange network, eSwap, according to news provider Yicai Global that covered the C round details.
Immotor through its battery rental service, then called E-huandian, had in December 2018 raised RMB300m ($43.5m) in series B funding from investors including mobile semiconductor producer Qualcomm and carmaker Hyundai, China Money Network reported.
US-China Green Fund led the round, which included financial services firm Mirae Asset, Korea Investment Partners, GGV Capital, Yunqi Partners and Translink Capital, while Qualcomm took part through its Qualcomm Ventures unit.
Hyundai led the company’s $14.5m series A-plus round in July this year, investing alongside GGV Capital, Yunqi Partners and Translink Capital according to China Money Network. The latter three had all participated in a series A round of undisclosed size in 2017.
