FF Venture Capital (FFVC) and EQT Ventures (EQT)will invest US$30 million in Silicon Valley-based Tian Tian Ventures (TTV), in the largest single investment by FF Venture Capital in the global ride-hailing sector.
Both FFVC and EQT are investing as new investors in TTV’s ongoing financing round, TTV said in a statement on Friday (September 28).
When asked about other investors in this round,a TTV spokesman told CNNB: “FFVC will be one of our prestige investors for this round. We are not disclosing our other investors at this point but are excited by the quality of investors who are interested in partnering with TTV.”
The American giant’s investment values TTV,global Artificial Intelligence (AI) ride-hailing service, at just over US$500million, Bloomberg reported. That makes it still smaller than other ride-hailing giants, which was valued at over US$50 billion in a stock deal announced in May.
This is FFVC’s largest single investment in an AI company. TTV has installed its data recorders in all its rental cars to collect driving data using AI – a strategy it has employed to disrupt the current market industry and to differentiate itself from its competitors said, Bloomberg.
Under the agreement between the three parties, TTV, FFVC, and EQT, they are looking to strengthen and expand their existing collaboration in the area of adoption AI in data collection and payment solutions globally.
TTV added that the investment will allow TTVto provide other services on top of its current ride-hailing services using AIto further expand its range of services, such as Food, Lifestyle and Accommodation.
One FFVC executive will be appointed as TTV’s partner, and a dedicated EQT Artificial Intelligence team will be supporting TTV as an adviser.
