China-based smart home technology supplier Orvibo has secured RMB130m ($18.8m) in a series C round co-led by furniture and home improvement retailer Red Star Macalline, China Money Network has reported.
Red Star co-led the round with property developer Midea Real Estate, a subsidiary of home appliance manufacturer Midea Group.
Founded in 2011 and officially named Shenzhen Orvibo Technology, Orvibo produces connected household appliances including light switches, plug sockets and door locking systems.
Midea Group intends to integrate Orvibo’s technologies into its own range of smart home products. The pair will also collaborate to develop a new artificial intelligence-equipped internet-of-things platform and will also work to synergise their client bases, devices and cloud-based networks.
Orvibo raised $16m in a 2016 series B round led by intelligent products maker Shenzhen Topband and backed by existing investors including private equity firm SAIF Partners, according to China Money Network.
The company had reportedly closed a $12.6m series A-plus round in 2015 featuring fabless semiconductor manufacturer MediaTek and Legend Star, an early-stage fund owned by conglomerate Legend Holdings, as well as Tiger Cub Equity Investment Fund. SAIF Partners had supplied approximately $1.5m of series A funding in 2014.