Eoroom Technology, a smart home technology subsidiary of China-based consumer electronics maker Haier Group, has closed a RMB1.2bn ($174m) series A round, China Money Network reported yesterday.
Financial services firm China International Capital Corporation (CICC) led the round, with additional capital coming from China Equity Group, China Galaxy, Zhongtai Venture Capital and Gaocheng Capital.
Founded in 2015, Eoroom builds smart devices and furniture that can be controlled through a user’s mobile app, or in the rooms themselves through speech recognition technology.
The company’s products include an automated air purifier, an interactive entertainment system, a robotic housekeeper and a home operations system that allows users to control appliances or fittings such as the television, lighting, wifi, music speakers, security cameras and door locks.
Eoroom plans to create more distribution channels, research and develop new technologies and integrate its supply chain using the series A funds.
CICC has also signed a strategic agreement with Eoroom and home renovation product supplier Dare Power Dekor Home that will involve them collaborating on the construction of smart homes.
Haier Group makes and sells electronic products such as fridges and freezers, dishwashers, washing machines and TVs. Its Haier Capital subsidiary co-led a $134m round for medical services provider Shanghai Cell Therapy this week.