(Yicai Global) Nov. 21 -- State-backed car-hailing service Shouqi Limousine & Chauffeur has completed its CNY700-million (USD105.5-million) B+ funding with Baidu Inc.[NASDAQ:BIDU], NIO Capital and Silk Road Huachuang Capital Beijing Co. leading the round. Investors are currently conducting follow up legal proceedings, online media outlet Lieyun reported.
Wei Dong, chief executive of the ride-hailing platform, announced the news at a strategy conference held on Nov. 20.
Lead investors Baidu and NIO Capital will ramp up cooperation with Shouqi after their investment, he added, noting that the value of Baidu's DuerOS and Apollo platforms, and NIO's electric vehicles and green resources, is well beyond the value of the cash invested.
The company hopes use proceeds from the round to build a new travel ecosystem combining intelligent cars and artificial intelligence, Wei said.
NIO's founder Li Bin said his firm will help Shouqi connect with ride-hailing solutions provider Splyt Technologies Ltd. to offer users a better experience through car networking, autonomous driving and in-car entertainment.
Baidu's Apollo platform will collaborate with Shouqi in intelligent driving to accelerate the commercialization of unmanned technologies in the travel market, and enable both parties to seize future opportunities in the sector, said Li Zhenyu, general manager of Baidu Intelligent Driving Group.
The ride-hailing platform's A-round took place in December 2015, raising CNY220 million from China Jianyin Investment Ltd. and other companies. Its B-round brought in CNY600 million in October 2017, led by Beijing Minqi Management Consulting Co.