LeEco’s electric car division, SEE Plan (Super Electric Ecosystem Plan) has completed its first round of funding of US$1.08 billion (Rs 7,240 crore).
Commenting on the development, YT Jia, founder & CEO of LeEco said, “The US$ 1.08 billion funding amount has set a new benchmark for the global automobile industry. This is a milestone for us. The participation of major institutions is a testament of their appreciation of the ecosystem business model and global strategy of LeEco. From this point on, LeSee will accelerate towards its goal of building a global electric transportation ecosystem powered by smart internet technology”.
Investors include Chinese state-own finance institutions as well as conglomerates in the private sector. Leading investors are listed below:
• Yingda Capital Management, co-owned by the State Grid Corporation of China, China Communication Construction Ltd., and China Aerospace Science & Industry Corp.
• Shenzhen Capital Group, the investment arm of the government of Shenzhen City, one of the major commerce and technology hub of China.
• Legend Holdings, a leading Chinese technology investment companies that also controls global technology giant Lenovo Group.
• China Minsheng Trust, the fourth largest trust company in China in terms of capital size (as of April 2016)
• Macrolink Group, an industry and finance conglomerate
• Hongzhao Fund, a leading Chinese investment company.
Earlier this year, LeEco’s had showcased its EV concept, LeSEE, featuring groundbreaking, fully autonomous capabilities, including machine learning of facial, emotion, system, and path recognition.