China-based action camera producer Yi Technology has raised $90m in a series A round led by smartphone maker Xiaomi, the Financial Times reported yesterday.
Founded in 2013, Yi Technology produces action and home security cameras that record 4K video and take high-resolution photographs. The company competes against rivals such GoPro but is selling its high-end camera at approximately half the price as its US competitor.
Yi Technology claims to have sold 1.5 million action cameras and another 3 million security cameras to date. Xiaomi previously assisted Yi Technology with its sales and supply chain.
The funding will help Yi Technology release its first drone, dubbed Yi Erida (pictured), which was announced separately yesterday. The company is collaborating with aerospace company Atlas to bring the drone to market.
Erida is built using a lightweight carbon fibre frame and can reach speeds of up of 75 miles per hour. The drone can stay in the air for approximately 40 minutes.
– Image courtesy of Yi Technology