Tiantu commits $16m in Chinese electric scooter manufacturer Inmotion

Shenzhen-based Inmotion was founded in 2012 by six Chinese university students. The firm develops robotic and sensor controlled vehicles, combining hardware with cloud computing technologies. It has sold over 1,000 vehicles so far this year and has established a global sales network encompassing about 40 countries.

Wei Zhou, Inmotion's founder and CEO, said the company will use the new funding for product development.

"We invested in Inmotion is because of its specialized technology in senor control vehicles. The company will become influential and competitive in the industry given its strong team and patent technologies," Pan Pan, a partner at Tiantu, said in a statement.

Tiantu, which mainly invests in China's consumer sector, closed its sixth renminbi-denominated fund at RMB1 billion in August last year. As of the end of June, the PE firm had more than RMB2.5 billion under management. It has made over 60 investments worth a cumulative RMB6 billion.

The GP is raising its $100 million debut US dollar-denominated fund. It reached a first close of $63 million on Tiantu China Consumer Fund I in September.

Lead Construction Capital acted as financial advisor for the Inmotion transaction.

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