China-based automotive leasing service Lionbridge Financial Leasing has received RMB1bn ($150m) in funding from internet company Baidu and insurance provider Sunshine Insurance, China Money Network reported today.
Founded in 2012, Lionbridge runs an online platform that provides leasing and lease-back services for small and medium-sized businesses, offering heavy vehicles and manufacturing, agricultural and medical equipment.
The company also facilitates value-add services such as fuel purchasing, insurance, vehicle inspection and auctions. Private equity firm Bain Capital paid an undisclosed amount for an 80% stake in Lionbridge in 2014.
Sunshine provided its share of the funding through its Riverhead Capital Investment vehicle and will collaborate with Lionbridge and Baidu on artificial intelligence (AI)-based risk control technology, connected cars, smart driving, financing and insurance products.
Baidu announced a partnership with Lionbridge last week that will involve the latter incorporating Baidu’s autonomous driving software platform, Apollo, into its activities. Baidu will also offer access to its AI expertise, risk credit, maps and driving data.