Lionbridge Raises $150M Led By Baidu, Sunshine Insurance
Chinese auto and logistics financier Lionbridge Financing Leasing officially announced a $150m round led by Baidu and Sunshine Capital (the investment arm of Sunshine Insurance Group).
Lionbridge will cooperate with Baidu and Sunshine Insurance to develop AI risk control technology, intelligent driving, vehicle networking, financial and insurance services, and build smart financial and service platforms around different phases of commercial vehicle lifecycle.
“In addition to enhancing capital strength, the introduction of strategic investment is more important to introduce the significant synergies brought by Baidu and Sunshine Capital to help Lionbridge. Further enhance the innovation ability of intelligent data risk control and production and financing services, so as to promote the construction of commercial vehicle intelligent service platform. Baidu is the world leader in AI and big data, and successfully built the Apollo platform. Lionbridge is very happy to join Apollo. Plan to jointly develop an autonomous driving solution for China’s highway trunk logistics. Lionbridge will also cooperate with Baidu in the construction of risk control models, data traffic citations, and intelligent services for truck drivers and dealer groups. The Group is one of the fastest growing insurance groups in China, and Sunshine Convergence, as a professional investment institution, actively invests in the smart finance sector on behalf of Sunshine Insurance Group. Lionbridge and Sunshine Insurance Group will jointly provide innovative insurance products for customers in the commercial vehicle sector. And actively promote data collaboration and data mining Product design.” – Founder, Chairman and CEO, Wan Wei.
Refresher: Lionbridge, established in 2012, is one of China’s fastest growing financial leasing companies focusing on China’s small and medium enterprises (SMEs). The company provides leasing services, lease-back services and leasing asset management in four industry verticals: heavy duty vehicles, medical equipment, manufacturing equipment and agriculture equipment. In 2014, Bain Capital Private Equity acquired 80% of the company.