Ninebot, a China-based personal transportation systems producer, has received $100m in a round featuring China Mobile Innovation Industry Fund, which is backed by telecommunications firm China Mobile, Caixin reported yesterday.
SDIC Innovation, an investment firm that is also an investor in China Mobile Innovation Industry Fund, also participated in the round, through an unnamed vehicle.
Founded in 2012, Ninebot manufactures battery-powered, short distance personal transportation two-wheelers (pictured). It acquired its US-based rival Segway in 2015 and Ninebot’s products are now sold under the Segway brand.
The funding will enable Ninebot to develop additional products and work on its artificial intelligence (AI) technology. Ninebot’s first AI-powered vehicle boasts speech recognition functionality to facilitate interactions with users.
The company previously raised an undisclosed amount from Intel Capital, the corporate venturing arm of semiconductor manufacturer Intel, and Singapore’s sovereign wealth fund GIC in January 2016.
Smartphone maker Xiaomi took part in an $80m round for Ninebot in 2015 at the time of the Segway purchase alongside Sequoia Capital, West Summit Capital and Shunwei Foundation. The round represented the company’s first external funding.
– Image courtesy of Ninebot