China smart home device maker Orvibo raises $16m
Orvibo, a Shenzhen-based smart home device maker, has secured a RMB110 million ($16 million) Series B round of funding led by A-share listed electronics manufacturer Topband.
Existing investors SAIF Partners and Qingdao Runhang Investment also took part in the round.
Founded in 2012, Orvibo produces intelligent household hardware, including electrical switches, LED lighting, doorbells and remote controls, based on cloud computing technologies under its own brand. It also partners with chip makers to provide internet-of-things solutions for third-party electronics manufacturers.
The company received a RMB88 million Series A round across two tranches, including RMB10 million from SAIF, in 2014. Other investors include Legend Holdings' incubator program Legend Star, Tigercub Funds and Taiwanese fabless semiconductor company MediaTek.
Through its partnership with Topband, Orvibo hopes to extend its product line into smart furniture and home appliances, the company's CEO told local media.
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