Chinese smart home firm Orvibo secured RMB130 million (US$19.08 million) in a series C round of financing led by Midea Real Estate Holding Limited, the real estate unit of Chinese appliance manufacturer Midea Group, and the country’s home furnishing and service brand Red Star Macalline, according to a statement released on Thursday.
Upon the completion of the new round, Midea Group would adopt technologies authorized by Orvibo to "enrich its smart home products." The duo would join forces to construct and develop an artificial intelligence (AI)-enabled internet of things (IoT) platform, and integrate cloud-based networks and devices, said Midea Group in the statement filed with Hong Kong stock exchange.
Midea Group and Orvibo would share their market resources and client bases to realize "a synergy effect" that can help lift the technological capabilities and market shares of the two parties in segments like smart home, smart community, and smart real estate, said Midea Group.
Orvibo, fully known as Shenzhen Orvibo Technology Co Ltd, was founded in 2011 to provide smart home solutions such as wireless connection, home automation and improvement, smart living, smart electricity, home security, and appliances remote control for residential communities, offices and hotels.
Orvibo uses technologies such as IoT, AI and cloud computing to connect electrical appliances. The company said to have connected nearly five million devices that serve almost two million families worldwide as of April 2019.
The Shenzhen-based Orvibo has raised nearly RMB200 million (US$29.38 million) in three financing rounds before the latest one. The company raised a RMB110 million (US$16.16 million) series B round led by Shenzhen Topband Co Ltd in 2016.
It completed a RMB78 million (US$11.46 million) series A+ round in 2015 from Legend Star, a Chinese incubator program launched by Legend Holdings, Tiger Cub Equity Investment Fund, and Taiwanese fabless IC maker MediaTek Inc. The company also received RMB10 million (US$1.48) in a series A round from SAIF Partners in 2014.
