WM Motor, an electric car developer and manufacturer out of China, recently fund raised over $446 million during a Series C funding round that was led primarily by Baidu.
Other investors in this round included Linear Venture and Tailing Industrial Fund. The carmaker has raised nearly $3.42 billion so far in all rounds of fundraising.
The new funds will be used to further develop technologies and improve the driving experience for car owners, according to a company release. WM also hopes to “make a breakthrough in the research and development of intelligent cockpits,” according to founder and CEO Freeman Shen.
The 4-year-old automaker will also team up with Baidu to build a joint research center dedicated to autonomous driving technology.
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