China’s Segway & Ninebot raises $100m Series C

Beijing-headquartered Ninebot, which started out an online crowdfunded project in 2012, is known for manufacturing two-wheeled electric scooters. In March 2015, the company bought US rival Segway – which had 250 distribution channels in 80 countries at that time – and re-branded its own vehicles under the Segway brand. The combined businesses were consolidated under the Segway & Ninebot Group.

Ninebot raised $80 million in Series A funding prior to the acquisition. Sequoia Capital, Shunwei Capital, and WestSummit Capital all participated in that round, alongside with Chinese smart phone maker Xiaomi. Intel Capital and Singapore’s GIC Private later provided $60 million to the company in August 2015.

In addition to making personal transportation devices, Segway & Ninebot has a robotic platform – Segway Robotics – that allows technology companies to use its applications to develop electric scooters. It claims to have more than 3,000 developers which are using its software solutions.

Following the new round, Segway & Ninebot plans to develop artificial intelligence technology under Segway Robotics with a view to spinning out the business as an independent company. Meanwhile, the group will continue developing its personal transportation technology and accelerate its global expansion, according to a statement.

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• Topics
• Greater China
• Technology
• Expansion
• China
• TMT
• SDIC Fund Management
• Growth capital
• Transportation