China-based consumer electronics producer New Leshi Smart Home received RMB3bn ($477m) from investors including several corporate venturers. The investors in question included real estate developer Sunac China, internet group Tencent, retailer Suning and e-commerce firm JD.com. The corporates reportedly provided about $318m in cash of the total funding in the round, while the remainder came in the form of convertible note financing. According to local media reports, LeEco will continue to keep a 40.3% stake in the company.
Formerly known as Leshi Zhixin Electronic Technology, New Leshi Smart Home is a subsidiary of China-based consumer electronics producer LeEco. It manufactures internet-connected smart television sets branded as “LeTV Super TV”. The company has signed a commercial agreement with Tencent that enables it to supply media content owned by Tencent in return for a slice of the resulting membership and advertising revenue.
This deals is part of the broader smart home space, including consumer electronics and other smart appliances. That space has seen significant growth in corporate-backed rounds over the past few year, as the GCV Analytics chart here shows.
