Chinese home projector maker XGimi Tech secures $16.5m
XGimi Technology, a home projector manufacturer, has secured a RMB100 million ($16.5 million) Series A round of financing from Shenzhen CDF-Capital.
Chengdu Technology Transfer Group, a government-backed venture capital investment firm, also participated in the round.
The two-year-old company launched its first home theater projector in April. The high-definition projector is embedded with an Android operating system and comes with a 3D viewing function.
XGimi has already sold 50,000 units so far but is struggling to keep up with demand. The new investment will help the company both increase productivity and improve quality control, Bo Zhong, XGimi's CEO, told local media.
Shenzhen CDF-Capital, which has RMB4 billion in assets under management, was established n 2007. The venture capital firm focuses on the healthcare, information technology, retail service, and clean technology sectors.
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