China-based smart home devices producer Broadlink closed a RMB343m ($54.5m) series D round today featuring internet group Baidu and detergent manufacturer Libai, the South China Morning Post reported.
The round was led by Citic Capital Partners, a subsidiary of alternative asset management firm Citic Capital.
Broadlink produces smart home products such as plugs that can be turned off remotely to save energy, and home automation devices that automatically adjust lighting and air-conditioning.
The company has also developed a cloud computing platform dubbed Broadlink DNA that enables third parties to integrate internet-of-things (IoT) functionality in their appliances.
The funding will help Broadlink compete against rivals including consumer technology group Xiaomi, with a specific focus on bolstering its artificial intelligence and IoT technology as well as acquisitions and strategic investments.
Broadlink is also pursuing an initial public offering in China, the company said, without revealing further details. It raised $10.5m in a 2016 series C led by a venture capital fund overseen by state-owned holding company China Merchants Group with participation from Innovation Works.
The company had also received an undisclosed sum in 2013 from mobile chipmaker Qualcomm’s corporate venturing arm, Qualcomm Ventures, when it won the latter’s China QPrize startup contest.