Xiaomi, Shunwei, Sequoia, WestSummit Invest $80M In Ninebot

Beijing-based personal transportation robot maker Ninebot Inc. has received US$80 million investment from Chinese smartphone maker Xiaomi Inc., Shunwei Capital, Sequoia Capital and WestSummit Capital, according to an announcement.

At the same time, Ninebot says it has acquired rival, Segway PT. Deal terms were not disclosed.

Ninebot was officially founded in 2012 by a group of robotics engineers interested in developing new technology for use in environmental protection and artificial intelligence.

Two years later, Ninebot launched a new personal transportation robot, the Ninebot E, which is now being distributed from 30 centers around the world. Its other products include Ninebot One C+ One wheel self balance electric unicycle scooters.

Shunwei Capital is co-founded by Lei Jun, founder of Xiaomi, who said on his Weibo account that Ninebot aims to accelerate expansion internationally with the acquisition.

WestSummit Capital, with offices in Beijing, Silicon Valley and Hong Kong, is a venture capital firm focused on investing and helping companies in the U.S. and China to expand into global markets.

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Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at CMN. Before founding CMN in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, writing about business and financial services. While in New York, she also served as part-time correspondent for Shanghai's financial television channel, China Business Network, as well as China Radio International, China's national English-language radio network.