AAA Ninebot nets $80m and buys Segway

Ninebot nets $80m and buys Segway

Ninebot, the China-based manufacturer of personal transportation systems, secured $80m in funding today from investors including smartphone manufacturer Xiaomi.

Venture capital firms Sequoia Capital and West Summit Capital, and Shunwei Foundation, a vehicle for Xiaomi CEO Lei Jun, also took part in the funding.

Founded in 2012, Ninebot produces battery-powered, robotic personal transportation systems, initially sourcing the cash for its vehicles using crowdfunding.

The cash infusion was used to acquire US-based personal electric vehicle maker Segway from investment and real estate holding firm Summit Strategic Investments, which bought the company in 2013, for an undisclosed sum. The transaction was announced concurrently with the funding.

Segway will henceforth operate as a subsidiary of Ninebot. It had previously filed a complaint to the US International Trade Commission last year, accusing companies including Ninebot of infringing on its patents.

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