Xpeng by former Alibaba executive He Xiaopeng, said on Monday it has raised $500 million in a Series C+ round to further develop models tailored to China’s tech-savvy middle-class consumers.
The announcement followed its Series C round of $400 million closed last November. The company’s valuation at the time had exceeded the 25 billion yuan $3.57 billion round raised in August 2018.
The new proceeds bring the five-year-old Chinese startup’s to-date fundings announced to $1.7 billion.
Over the past year, the startup has been ensnared in a legal battle with Tesla, which alleged that a former engineer stole Autopilot source code before joining Xpeng. The engineer Cao Guangzhi admitted downloading some of Tesla’s source code but said he deleted all the files before leaving the company.
Investors in Xpeng’s latest round include Hong Kong-based private equity firm Aspex Management; the storied American tech hedge fund Coatue Management; China’s top private equity fund Hillhouse Capital; and Sequoia Capital China. The other existing big-name backers are Foxconn, Xiaomi, GGV Capital, Morningside Venture Capital, IDG Capital, and Primavera Capital