LeEco's anticipated 'LeSee' secures first-round of funding

Global pioneering internet and technology company LeEco's electric car division SEE Plan (Super Electric Ecosystem Plan) has completed its first round of funding with USD 1.08 billion.

Amongst the investors are Chinese state-own finance institutions as well as conglomerates in the private sector Yingda Capital Management Co. Ltd., co-owned by the State Grid Corporation of China, China Communication Construction Ltd., and China Aerospace Science and Industry Corp., Legend Holdings, a leading Chinese technology investment companies that also controls global technology giant Lenovo Group amongst others.

"The USD 1.08 funding amount has set a new benchmark for the global automobile industry. This is a milestone for us. The participation of major institutions is a testament of their appreciation of the ecosystem business model and global strategy of LeEco," said Founder and CEO LeEco, YT Jia.

"From this point on, LeSee will accelerate towards its goal of building a global electric transportation ecosystem powered by smart internet technology," added YT Jia.

Earlier this year, LeEco's had showcased its EV concept LeSEE featuring groundbreaking, fully autonomous capabilities including machine learning of facial, emotion, system, and path recognition.