China-based smart home devices producer Orvibo has raised RMB110m ($16m) in series B capital from a consortium led by consumer electronics manufacturer Shenzhen Topband, China Money Network reported on Friday.
The round also included venture capital SAIF Partners and unnamed existing investors.
Incorporated in 2012, Orvibo has created a range of internet-of-things devices for the consumer market, including appliances and home monitoring systems such as a smart fire alarm. The company claims to have sold a million products to date.
Orvibo will use the money to develop and add an artificial intelligence component to its products that would automate certain features. It also hopes to significantly increase its market share.
The company received $12.6m in an August 2015 series A+ round that featured Legend Star, the incubator subsidiary of conglomerate Legend Holdings, as well as fabless semiconductor producer Mediatek and Tiger Cub Equity Investment Fund. SAIF provided RMB10m in series A funding for Orvibo in 2012.
Wang Xionghui, chief executive of Orvibo, said: “We will deepen our strategic partnership in smart home devices and smart home electronic appliances to provide a one-stop solution from smart controls to cloud management services.”