Internet group Baidu led a RMB3bn ($446m) series C round for China-based smart electric vehicle manufacturer WM Motor today, China Money Network reported.
Chinese government-backed fund-of-funds Taihang Industrial Fund and venture capital firm Linear Venture also participated in the round. WM did not disclose a valuation, but reports in October 2018 suggested it was set to raise RMB2bn at a valuation of more than RMB20bn.
Founded in 2015 and also known as Weltmeister, WM released its first vehicle, a plug-in electric sports utility vehicle known as the EX5, in April 2018.
The round was announced by WM founder and chief executive Freeman Shen Hui, and Shen told Technode the funding was being allocated to research and development, as the company looks to upgrade its control panel and improve the driving experience in its vehicles.
WM also plans to leverage Baidu’s artificial intelligence technology in future vehicles, and aims to bring its first self-driving car with level 3 automation, allowing it to drive under some conditions with full safety functionality, to market in 2021.
The company’s earlier funding reportedly came from investors including Baidu and its Baidu Capital subsidiary, quantitative trading firm Susquehanna International Group, Amiba Capital, Chengwei Capital, Envision and Seven Seas Partners.
WM received $1bn of its earlier funding in a 2016 round, and it had raised a total of $1.8bn before a late 2017 round featuring metals trader China Minmetals’ Wukuang Capital subsdiary, internet company Tencent, Sequoia Capital China and the state-owned China Structural Reform Fund.
Photo courtesy of WM Motor.
