Holatek, the China-based parent company of smart projector manufacturer JMGO, has received RMB1bn ($158m) in a pre-initial public offering funding round featuring consumer electronics group Oppo and investment firm IDG Capital.
Founded in 2011, JMGO makes home cinema systems and laser television terminals, and has more than 400 patents. Its internet-of-things (IoT) products combine digital light processing-based optical technology and the Android mobile operating system.
The company intends to team up with Oppo to enhance and expand its smartphone-driven IoT offering by accessing the latter’s user base and supply chain network across 50 global markets, company founder Eric Hu told 36Kr.
Holatek already has a distribution agreement in place with another shareholder, Alibaba, the e-commerce conglomerate that operates online retail and shopping platforms such as Tmall and Taobao, where JMGO’s products are listed.
Alibaba had led an $86.5m series D round for the company in 2018 that also featured 36Kr Fund, a vehicle for technology media group 36Kr, as well as Junsan Capital, Sunz Fund, Stone Capital, GF Xinde Investment, Beijing DZ Capital and unnamed others.
Holatek had previously raised $86.5m in a series C round co-led by Golden Brick Capital and CICC Qianhai Capital two years earlier, which came after $28.8m in series B funding from backers such as Green Pine Capital Partners and Skychee Ventures in 2015. IDG Capital had joined StarVC in an $8.6m series A round the previous year.
Image courtesy of Shenzhen Holatek Co Ltd.
