Business, Investments

Ninebot Acquires Segway and Raises $80M Funding from Xiaomi and Sequoia

image source : ecorider

image source : ecorider

Chinese robot mobility equipment maker Ninebot has acquired its prime competitor Segway, and has further raised a funding of $80 million from Xiaomi, Sequoia Capital and shunwei.

This is the third time since Segway’s launch, that it has been sold off to another owner. The interesting fact here is that Segway filed patent infringement suit against Ninebot last year, who are now Segways owners.

Once the acquisition closes, Segway will become a wholly-owned subsidiary of Ninebot, but the two brands will remain separate.

The company also raised $80 million in funding from Xiaomi and Sequoia Capital, but the participation amounts have not been disclosed. Neither did they disclose the sum required to buy 100% stake in Segway.

In a press statement, the new Hampshire-based Segway’s president Rod Keller said “The strategic alliance with Ninebot will enable us to provide more intelligent and valuable products for our customers. We are fully confident about our future.”

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