Shenzhen Capital leads $10m round for wearables maker
Shenzhen Capital has led a RMB60 million ($10 million) Series B round of funding for Codoon, a Chinese manufacturer of wearable electronic devices, with participation from CITIC Capital.
The new funds will be used to develop Codoon's software and data services, as well as establishing a big data platform, according to a statement.
Founded in 2009, Codoon primarily develops fitness-tracking wearable devices, such as bracelets, to generate users' health data. Shen Bo, the company's founder, said the firm has over 10 million users. Its devices are sold both in domestic and overseas markets.
Codoon has already reached partnerships with Samsung and Chinese telecom equipment manufacturer Huawei to provide software and back-end services for wearable devices released by the two companies.
Online games developer Shanda Interactive is also understood to be an investor in Codoon, having committed RMB22 million in 2011.
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