IDG Capital backs Chinese electric car maker

In line with the new funding, the company has announced plans to produce 250,000 electric cars over the next five years, in addition to building a nationwide charging station network, a statement said. It currently has about 30 charging stations in 12 Chinese cities.

Founded in 2013, Skio Matrix - which is also known as Shikong Electric Vehicle - designs electric car batteries, helps traditional auto manufacturers convert their vehicles into electric vehicles, and provides auto financing for new car buyers. It previously worked with state-backed Dongfeng Motor Corporation to produce electric vehicles and also formed a joint venture with ride-hailing app operator Didi Chuxing to make electric taxis.  

According to AVCJ Research, the company raised RMB5 million in seed capital from Dingju Capital and ECO Fund in 2013. A year later, Ameba Capital and Rice Bank provided a Series A round of RMB10 million. Skio Matrix then raised RMB800 million in Series B funding in 2015 from Meridian Capital China, Dingju Capital, and Heaven-Sent Capital Management Group.

IDG Capital is already an investor in Chinese smart electric car maker Nio – formerly known as NextEV – as well as Xpeng Motors which completed a RMB2.2 billion Series B round last week.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Technology
• Expansion
• Cleantech
• China
• IDG Capital Partners
• TMT
• Venture
• Growth capital
• automobiles
• manufacturing