Xiaomi-backed smart home player raises $100 million

Grand Flight Investment led the tranche, with participation from Cathay Capital, Joy Capital, and Yunmu Capital.

Founded in 2009, Lumi develops smart home appliances - such as electric curtains, smart watches, and smart locks - that are primarily sold to individual consumers through online channels. In China's November 11 Single's Day shopping festival, the company claims to have achieved sales of more than RMB100 million($14 million).

Its products can be integrated with those of mainstream overseas smart home systems such as Apple HomeKit, Amazon Alexa and Google Assistant. One focus after the fundraising is to expand into markets in North America and Europe through channels like Apple Store and Amazon.

Lumi also has a domestic offline sales network. Since 2017, it has built more than 300 showrooms nationwide, offering a one-stop service from on-site measurement and smart home design to installation and after-sales maintenance.

The company also wants to enter the business services space through collaboration with Grand Flight. Grand Flight was launched in 2016 as an investment spin-out from Hong Kong-listed financial services company Far Eastern Horizon. It has a portfolio of nearly one hundred nursing homes and dozens of schools, which are potential customers for Lumi.

Xiaomi, Shunwei Capital and Gaorong Capital participated in the company's Series A in 2014. This was followed by a RMB100 million Series B led by Cathay in January 2018. In December of last year, the company completed an extended Series B round with contributions from Grand Flight and Cathay.

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• Topics
• Greater China
• Early-stage
• Technology
• Consumer
• TMT
• Cathay Capital Private Equity
• Xiaomi
• Joy Capital
• China