Shanghai Longcheer Technology, a China-based smart electronics producer backed by consumer electronics manufacturer Xiaomi, raised RMB1bn ($154m) in series C funding on Friday.
The round was co-led by Shanghai MtM Fund, Yunfeng Capital, GP Capital and the state-owned China Internet Investment Fund (CIIF) while Forebright Capital and Huaxu Investment Fund also took part. Huatai United Securities was financial adviser for the funding.
Founded in 2002, Longcheer designs and manufactures smart electronic devices such as smartphones, wearable and smart home products, tablets and virtual reality and augmented reality systems, on behalf of corporate clients such as Xiaomi, Facebook, Amazon, Samsung and Lenovo.
The company plans to use the funding to accelerate research and development, with a focus on 5G and intelligent internet-of-things technologies, while also upgrading its production capabilities by building additional smart facilities.
Longcheer received $100m in a March 2021 series B round co-led by Shenzhen Capital Group and Shenzhen Qianhai Wanrong Hongtu Investment Fund and backed by investment bank Xiangcai Securities’ Jintaifu Capital Management platform, Accurate Capital, Huaxu Investment Fund, Forebright Capital and FutureX Capital.
The company had previously secured an undisclosed amount of series A funding from Xiaomi, Shunwei Capital and Co-Stone Asset Management in 2015, according to press reports.