Tuesday, February 7, 2023
HomeAutomobileXPeng leads funding in $200 million fund targeted on 'frontier' tech

XPeng leads funding in $200 million fund targeted on ‘frontier’ tech

A brand new Xpeng P7 automobile is proven within the Xpeng Motors flagship retailer in a shopping center. Xpeng P7 is without doubt one of the two in style fashions of Xpeng motors.

Zhang Peng | LightRocket | Getty Photographs

China’s XPeng stated Thursday it led an funding into a brand new $200 million fund targeted on backing electrical autos and “frontier expertise” start-ups.

The fund, referred to as Rockets Capital, additionally counts a variety of high-profile enterprise capital gamers among the many traders together with IDG Capital, eGarden, Sequoia China, 5Y Capital and GGV Capital.

Rockets Capital will concentrate on “enterprise and progress stage investments in Good EV business worth chain, clear vitality, and frontier expertise areas.”

XPeng didn’t increase on what “frontier expertise” would come with, however China’s government has identified a number of areas that fall beneath this umbrella, together with synthetic intelligence and semiconductors.

The newest fund comes as the electrical automobile business is predicted to proceed its progress. Market analysis agency Gartner forecasts 6 million electrical automobiles will probably be shipped this 12 months versus 4 million in 2021.

However world monetary markets have additionally seen massive volatility with Chinese technology stocks in particular taking a hammering, although they’ve staged a comeback within the final two days.

Bing Yuan, managing accomplice of Rockets Capital, stated the closing of the fund is a “testimony that within the continually evolving funding business, the low carbon financial system and technology-driven growth are the consensus funding developments.”

Rockets Capital will function independently from XPeng. The electrical automobile firm stated the fund will leverage XPeng’s “business experience and assets” and “incubate technological innovation.”

The fund has already “entered into agreements” to put money into corporations, XPeng stated with out disclosing any names.

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