Banyan leads $35m round for Chinese wearables maker
Banyan Capital has led a $35 million Series B round of funding for Huami, a Chinese start-up that manufactures fitness wearables launched by smart phone maker Xiaomi.
Sequoia Capital, Morningside Technologies and Shunwei Capital Partners also participated. The latest round values the company at about $300 million, Huami said in its official Weibo microblog.
Based in Anhui province, Huami is a joint venture launched by Hua Heng Technology and Xiaomi last year. Shunwei provided Series A round of funding to the JV.
Wang Huang, the company's CEO, said the new capital will be used for hiring staff with experience working for global firms. Huami is preparing to launch new products in the US and European markets.
Xiaomi has sold one million fitness trackers in the three months since launching its wearables product line.
Two days ago, GGV Capital, Shunwei, Xiaomi and online retailer JD.com participated in a $40 million Series C round of funding for Misfit Wearables, which manufactures wearable devices that track health and fitness.
Banyan Capital was created in January through the spin-out by members of IDG Capital Partners' China tech, media and telecom team. The firm closed its debut fund at $206 million, with high net worth individuals - primarily the founders and CEOs of companies the team backed while at IDG - contributing more than half of the capital.
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