AVCJ

SIG, SoftBank back China wearables maker Codoon

  • LinkedIn  
  • Google plus  
  • Save this article  

SoftBank China Venture Capital (SBCVC) and SIG Asia have invested $30 million in a Series B round of funding for Codoon, a Chinese wearable electronic devices manufacturer.

The round, which is said to value the company at $150 million, comes eight months after Codoon raised RMB60 million ($10 million) in Series A funding led by Shenzhen Capital, with participation from CITIC Capital. Online games developer Shanda Interactive provided angel investment in 2011.

Founded in 2009, Codoon primarily develops fitness-tracking wearable devices, such as bracelets, to track users' steps taken and monitor sleep. The collected data is then analyzed via a mobile app. The company claims to have more than 20 million users.

The new funding will be used for developing social networking platforms for wearable device users as a means of incentivizing people to exercise more.

Chinese smart phone maker Xiaomi has also been active in the wearables space, paying $25 million in September for a 20% stake in iHealth, which is working on mobile health technology solutions. In August, Spring Rain Software, a Chinese mobile healthcare app developer, raised a $50 million from China International Capital Corp. (CICC), Rushan Investment Management, Temasek Holdings' Pavilion Capital and BlueRun Ventures.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Venture

Latest News

Asian GPs slow implementation of ESG policies - survey
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs