Shanghai Longcheer Technology, a China-based smart electronics producer backed by consumer electronics manufacturer Xiaomi, has secured $100m in series B funding, DealStreetAsia reported on Friday.
Venture capital firm Shenzhen Capital Group co-led the round with VC firm Shenzhen Qianhai Wanrong Hongtu Investment Fund, and it included investment bank Xiangcai Securities’ Jintaifu Capital Management platform.
Accurate Capital, Huaxu Industrial Investment Fund, Forebright Capital Management and FutureX Capital filled out the round.
Longcheer is an original device manufacturer (ODM) that designs, develops and makes smart electronic devices such as smartphones and tablets, wearable devices, smart home products, Bluetooth speakers and virtual reality and augmented reality systems.
The company intended to go public in 2015 and 2017 but both withdrew both applications. Xiaomi and Shunwei Capital, the VC firm launched by Xiaomi’s founders, held a combined 20% of its shares at that point, according to DealStreetAsia.
The series B capital will fund investment by Longcheer in cutting-edge technology in areas such as 5G to support the development of products like intelligent mobile terminals.
Du Junhong, founder and chairman of Longcheer, was quoted by DealStretAsia as saying: “The upsurge of new technologies, such as AI, big data and cloud computing, continues to expand the potential of intelligent consumer electronics. This has enabled the realisation of smart home, autonomous driving, smart factories and smart cities.”
“As the society becomes more intelligent, the ODM industry is ushering in new development opportunities, alongside higher industry standards. Longcheer will continue to make investments in these new areas to expand beyond our focused ODM and mobile intelligent terminal business.”
