(Yicai Global) Nov. 14 -- Lumi United Technology, a Chinese Internet of Things and smart home solution provider, has raised USD100 million in its latest financing round led by private equity firm Grand Flight Investment.
The new funds will allow the Shenzhen-based company to develop more innovative products, said 36Kr, a website that tracks startup fundraising in China.
That includes producing more smart home devices for mobile phone maker Xiaomi, one of its key backers, and also improving the firm's core brand Aqara by enhancing its online and offline retail channels, said founder and Chief Executive You Yanyun.
Its cooperation with Shanghai-based Grand Flight will help Lumi leverage the industrial resources of the financial firm's parent company, Hong Kong-based Far East Horizon, which provides services to hospitals, nursing homes and schools.
After a CNY40 million (USD5.7 million) round of financing in 2014 led by Beijing-based Xiaomi, Lumi developed the Xiaomi Smart Home Suite, which allows homeowners to control indoor temperatures, security and other systems remotely, as well as its own brand Aqara.
The Aqara portfolio covers smart switches, door locks, sockets and other sensors. Its products have been integrated into major overseas smart home platforms such as Apple HomeKit, Amazon Alexa and Google Home.