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Xiaomi leads financing of Segway buyer Ninebot

(Xinhua)    18:26, April 15, 2015

BEIJING, April 15 -- Chinese smartphone maker Xiaomi has partnered with three venture capital firms to provide 80 million U.S. dollars in financing Ninebot, the electric vehicle maker that completed acquisition of its U.S. rival Segway this month.

Announcing its move on Wednesday, Beijing-based Xiaomi joins Sequoia Capital, WestSummit Capital and Shunwei Capital in financing Tianjin firm Ninebot. Shunwei's founders includes Xiaomi CEO Lei Jun.

Xiaomi is investigating in a growing number of hardware startups in a bid to build an ecosystem of interrelated smart devices as growth of mobile phone sales is expected to moderate in coming years.

Ninebot was founded in 2012.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Kong Defang,Bianji)

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