Bike-Sharing Startup ‘Mobike’ Raises $600 Million For IoT, AI Technology
Chinese bike-sharing start-up Mobike said it has raised $600 million in a financing round led by Tencent Holdings Ltd, its biggest financing round to date as it seeks to expand aggressively.
With the latest injection the firm, which has operations in around 100 Chinese cities, has raised over $900 million since October. It has also expanded to Singapore, and recently launched a pilot service for 1,000 bikes in the UK, starting in the cities of Manchester and Salford
“We will accelerate the pace of global expansion, and our new target is to be in 200 cities by the end of this year,” said Mobike CEO Davis Wang.
The new financing round will also fund investment in Internet-of-Things (IoT) and artificial intelligence technology to support the brand, it said. Read more…