Chunmi Electronics Technology, a China-based kitchen appliance producer backed by electronics manufacturer Xiaomi, has secured a nine-figure renminbi (RMB100m = $14.5m) amount of series C-plus funding, China Money Network has reported.
NGP Capital, the venture capital firm spun off from communications equipment maker Nokia, provided the capital in partnership with Yingke Innovation Asset Management.
Chunmi designs and manufactures kitchen appliances such as rice cookers. It received an undisclosed amount of funding from Xiaomi in 2014 as part of a commercial deal where it agreed to sell its appliances through the corporate’s product ecosystem.
Xiaomi provided an eight-figure amount of series A funding for the company in 2015, before GGV Capital and Shangshi Fund invested an eight-figure dollar sum the following year.
Guangkong Zhongying Capital, the joint venture for outdoor advertising group Focus Media and investment holding company China Everbright Holdings, led a series C round of undisclosed size for Chunmi in May this year that included Star VC.
Photo courtesy of Chunmi Electronics Technology Co., Ltd.
