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#News(General) [ via IoTForIndiaGroup ]
Chinese vehicle maker Ninebot has bought iconic US rival Segway, the company announced on Wednesday.
The Beijing-based firm did not disclose the amount of the acquisition, but did say that it received $80m (£54m) in funding from smartphone maker Xiaomi and investment firm Sequoia Capital.
Ninebot also makes two-wheeled electric vehicles, designed for standing riders, that resemble Segways.
Segway had sought an import ban against Ninebot in the US in September.
The Chinese company was one of several that Segway had accused of infringing its patents.
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