KG Motors raises ¥470m to expand mibot production
The equity financing supports tooling, launch quality, early deployments and connected software.
KG Motors raised ¥470 million through a third-party equity allotment. Participants included Chugin Capital Partners, NTT DOCOMO Ventures, Mitsuba, Hokuhoku Capital, AKIBA Holdings, HOXIN, INNOVATION V Capital and Toho Gas.
The company will invest in tooling and production capacity, improve launch quality and productivity, expand pilots and early deployments and develop over-the-air updates and remote diagnostics. Initial production of its single-seat mibot EV has started.
Use of funds
Expand production capacity through tooling investment
Improve launch production quality and productivity
Develop market through pilots and early deployment
Continue OTA and remote-diagnostics software