Transport

The Alibaba, Xiaomi, Foxconn, UCar and Duowan-backed smart electric carmaker has floated in the US through an offering valuing it in excess of $21bn.

GMAg provided $15m in convertible note financing that will be put towards the Winnebago-backed electrification equipment maker's ongoing series C round.

Volvo Cars, Corning and Cornes-backed lidar technology developer Luminar is merging with a special purpose acquisition vehicle to form a company with an expected $3.4bn valuation.

US-based business finance provider Kabbage, which has a host of corporates as backers, will be acquired by payment processing firm American Express.

Proeza Ventures, took part in the first disclosed round for the electric truckmaker, a strategic partner and subsdiary of fellow Proeza subsidiary Metalsa.

The electric powertrain and power module producer raised $21.8m in a Legend Capital-led round that also featured Lenovo Capital.

Amid the covid-19 pandemic, interest in life sciences is now perhaps at its highest. This is true in corporate venture capital and three of the multimillion-dollar stories we reported in mid-August corroborate this.

Mitsubishi, MS&AD and existing investor SoftBank Ventures Asia took part in a round that followed the car trading platform's $90m series B last year.

University of Southampton-founded rail maintenance analytics technology developer Perpetuum has been acquired in a deal enabling IP Group to exit.

The smart electric carmaker, which has raised a reported $2.5bn from investors including Alibaba, Foxconn, UCar and Xiaomi, has set a placeholder target of $100m.

The number of corporate-backed companies going public declined in 2019, despite some major IPOs like those of Uber, Lyft and Slack.