US-based wearable devices developer Misfit has raised $40m in a series C round backed by smartphone maker Xiaomi and e-commerce company JD.com, Venturebeat reported on Tuesday.
The round was led by GGV Capital and also included Shunwei China Internet Fund, Founders Fund, Khosla Ventures, Horizons Ventures and Norwest Venture Partners.
Misfit previously raised $15.2m in a December 2013 round that included beverage producer Coca-Cola, talent agency Atom Factory, O’Reilly AlphaTech Ventures, a corporate venturing fund backed by media company O’Reilly Media, Horizons Ventures, Founders Fund, Khosla Ventures, Norwest Venture Partners, IncTank, Translink Capital, TenOneTen Ventures, and angel investors Max Levchin and Nick D’Aloisio.
Misfit had already closed a $7.8m series A round in 2012 that included O’Reilly AlphaTech, Founders, Khosla, Norwest, IncTank and Levchin.
The company develops wearable fitness trackers and monitors. It will use the series C funding to scale up product development and increase its presence in the Chinese market.