KG Motors raises 470 million yen to expand mibot micro EV production

KG Motors, a startup based in Higashihiroshima, Japan, has raised 470 million yen through a third-party allotment of shares to expand the production capacity of its single-passenger micro electric vehicle (EV), the ‘mibot’. This latest funding brings the company's total equity funding to 2.235 billion yen.

Investors in this round include NTT Docomo Ventures, Chugin Capital Partners, Mitsuba, Hokuhoku Capital, AKIBA Holdings, HOXIN, INNOVATION V Capital, and the Shin-Infrastructure Fund by TOHO GAS, among others. NTT Docomo Ventures specifically noted its investment aims to create new value in the mobility sector through communication networks and data utilization.

The mibot is designed as a software-defined vehicle (SDV) featuring a door, air conditioning, a top speed of 60 km/h, and a range of 100 km. The company intends to use the new capital to invest in molds to increase production, improve quality, and develop software functions such as over-the-air (OTA) updates and remote diagnostics. The vehicle targets short-distance travel needs in regions facing declining public transportation due to aging populations.