GGV boosts China internet of things exposure
GGV Capital has added three Chinese firms to its internet of things (IoT) portfolio, increasing its total holdings in the sector to eight companies.
In a blog post, the firm announced that it had led Series B rounds of $15 million each for headphone designer 1More and portable battery maker Zimi. Both companies are affiliated to Chinese smart phone maker Xiaomi. GGV also led a Series A round for Petkit, which makes wearable health monitoring devices for pets.
In addition, Hans Tung, a managing partner with the VC firm, has joined the board of directors at 1More and Zimi. Jenny Lee, also a managing partner, has joined the Petkit board.
The 1More round also featured GIC Private and IDG Capital Partners.
Lee recently told AVCJ that GGV has considerable interest in the IoT phenomenon, which refers to devices that can collect and share information about users and their environment. The firm is particularly focused on companies that can sell their products as part of a lifestyle and appeal to consumers who are no longer impressed with the fact of the technology itself.
"As the technology evolves, as the product evolves, the consumer behavior should get more sophisticated," Lee said. "The right company will find and design and refine those products to a level where it is actually seamless and unintrusive for the user."
For example, Misfit, another of GGV's portfolio companies, works with jewelers to design wearable fitness trackers that are visually appealing. The company has also introduced solar panels into its products to reduce the amount of time consumers need to spend charging their devices.
In an article for Fortune, Lee and Tung stressed that IOT developers will need to embrace a global approach in all of their operations. Successful companies will look for ideas, customers, and materials around the world rather than focusing in one area.
In addition to Misfit, GGV's previous IoT investments include drone maker eHang and sports technology developer Zepp Labs.
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