China's web video firm LeEco has raised a staggering $1.08 billion from Chinese investors to develop its LeSee electric sports car.

The Beijing-based firm has attracted a consortium of Chinese investors, including Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust, to initially fund its electric sports cars, which have been compared with the Batmobile, the company announced on Tuesday, according to Bloomberg.

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LeEco is planning to develop its electric concept car called LeSee, which was introduced last April. The LeSee sports several autonomous driving features such as its ability to self-park based on commands from a cellphone; to fold back steering wheel into the dashboard when in an autonomous mode; to drive and pick up owner when summoned using a smartphone, or tell if it is unavailable; and to self-adjust seats for passenger upon car's arrival, the Business Insider reported.

It also boasts of a top speed of 130mph, a touch screen infotainment module and TV monitors for backseat passengers.

Meanwhile, the news was announced just a month after LeEco revealed it allocated $1.8 billion to put up an electric car factory in eastern China, with a production capacity of 400,000 vehicles per year.

However, the completed fundraising announcement came as the country's electric vehicle industry is on the brink of a massive shake-up.  China has roughly 200 companies in the electric vehicle sector, and the government seeks to limit it to 10 by implementing stringent standards, weeding out as much as 90 percent of the startups currently operating.

TagsLeeco, LeSee, Electric Car, plug-in hybrid vehicle, Autonomous Cars