Xiaomi Ventures backs China health products maker
Xiaomi Ventures, a corporate VC unit of Chinese mobile phone maker Xiaomi, has paid $25 million for a 20% stake in iHealth, an offshore unit of healthcare electronics maker Andon Health.
Shenzhen-listed Andon Health plans to restructure its overseas operation - including Hong Kong, US and France - under the iHealth entity, with the parent company holding a 70% interest, according to a regulatory filing. IHealth will cooperate with Xiaomi to develop mobile health technology solutions in areas such as e-commerce and cloud computing services.
As part of the agreement, Xiaomi will not invest in Andon Health's competitors over the next two years. They include companies using big data technology to produce healthcare electronics.
Founded in 1995, Tianjin-based Andon produces devices for home use, such as blood pressure monitors and digital thermometers.
The deal follows the launch of health-tracking platforms by Apple Health and Google Fit. "Because of Xiaomi's unique business model and rapid growth user base, the company introduces Xiaomi as a strategic investor to make a breakthrough in hardware development," the company said.
Xiaomi, backed by a string of VC investors including Morningside Technologies and Qiming Venture Partners, was founded by Lei Jun, one of China's best known superangel investor. Early this year, Xiaomi Ventures invested $20 million in Westhouse Group, a game developer controlled by Kingsoft Corporation. The corporate arm also invested in Xunlei, Chinese file-sharing services which went public in the US three months ago.
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