Xiaomi backed Ninebot acquires Segway

Ninebot, a Chinese startup company specializing in self-balancing vehicles, has just acquired rival US company Segway. Xiaomi, Shunwei Capital, Sequoia Capital and WestSummit Capital recently put together a joint investment worth $80 million into Ninebot. However, it is not known how much of this investment was put towards the Segway acquisition.

Ninebot is a three-year-old robotics startup company which currently ships its products to 38 countries around the world. It sells self-balancing single-wheel vehicles and more familiar Segway-esque scooters, among other products. Interestingly, Segway had accused Ninebot of infringing on its patents just a few months ago and had sought an import ban against the company back in September.

The company is now a member of the Mi Ecosystem, however Ninebot and Segway both confirmed that the brands would continue to operate under their own names. Xiaomi adds another range of products to its ever expanding portfolio, but importantly, the Segway brand could act as gateway for Xiaomi to break into western markets, such as the US.

This latest purchase brings Xiaomi’s total number of acquired startups 27, leaving no doubt that the company wants to, and is becoming, much more than just another low-cost smartphone manufacturer.