Baidu Capital leads round for China's WM Motor

Baidu itself has also contributed capital to the round, alongside venture capital firms SIG Asia and Ameba Capital. The size of the round was not disclosed, but it brings the total funding raised by the company to RMB12 billion ($1.81 billion).

WM was established in December 2015 by Freeman Shen,  previously group vice president at Chinese automaker Zhejiang Geely Holding. The company announced that it will launch its first mass-produced electric vehicle this month, with a starting price of about RMB200,000. WM has its own factory in Wenzhou, Zhejiang province.

"In the process of fundraising, we placed a premium on strategic cooperation over pure financial investment. Moving forward, WM Motor will fully cooperate with Baidu on the deployment of artificial intelligence (AI) and autonomous driving technology, with a view to bringing a new driving experience to customers," Shen told local media.

The company reportedly raised $1 billion in a Series A round in August last year. Chengwei Capital was among the investors.   

WM has formed partnerships with several internet and technology players, including Qihoo 360 Technology, Mobileye and NetEase AI, on the development of automobile information security solutions as well as AI and autonomous driving technology. Last week, it participated in a $350 million Series D round for bike-sharing operator Hellobike, with a view to expanding into short-distance transportation. 

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• Topics
• Greater China
• Technology
• Expansion
• China
• Baidu
• Ameba Capital
• TMT
• Transportation
• Growth capital
• Susquehanna Asia Investment
• automobiles