The brands will remain independent and the two companies will continue to serve the market through their respective products
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Segway, the American manufacturer of funky personal transportation devices, has announced that it has been acquired by Chinese rival Ninebot.
The brands will remain independent and the two companies will continue to serve the market through their respective brands and products, said the company in a statement.
Ninebot revealed that it has raised US$80 million in Series A financing from investors including Xiaomi Technology, Sequoia Capital and Shunwei Foundation.
Shunwei, a US$525 million seed- and early-stage fund and Xiaomi, the smartphone manufacturer, are both associated with Chinese billionaire Lei Jun.
Also Read: Xiaomi gets US$1.1B fund; becomes world’s most valuable tech startup
Segway was launched to much fanfare in 2001 with its makers claiming that it would revolutionise personal transportation. However, in the years since, it has become the preferred tool of warehouse staff, tour guides and mall cops. There was even a bad Kevin James movie where the Segway played a central role.
This acquisition by Ninebot marks the third time Segway has seen new owners. It was purchased by British millionaire Jimi Heselden in 2010. Heselden later tragically passed away when the Segway he was riding fell off a cliff in Yorkshire, England. The company was then purchased by Summit Strategic Investments in 2013.
Segway had actually sued Ninebot last year for copyright infringement, but it would seem that is all water under the bridge now.
According to Segway President Rod Keller, “In the past few years, intelligent hardware has rapidly developed in our increasingly connected world. The strategic alliance with Ninebot will enable us to provide more intelligent and valuable products for our customers.”
The post China’s Ninebot acquires American scooter maker Segway appeared first on e27.
