Xiaomi and JD.com find Misfit a good fit
Shanghai Daily, December 4, 2014 Adjust font size:
Chinese smartphone maker Xiaomi and online retail giant JD.com are among investors who have invested US$40 million in Misfit, the maker of a wearable computing device called Shine.
Misfit, a US-based wearable and smart product maker, said yesterday that its latest financing round was led by venture capital firm GGV Capital, Shunwei Fund, JD.com and Xiaomi.
"The new funding and relationship with JD.com and Xiaomi will help Misfit extend its abilities to serve consumers in China and to accelerate the company's pace of product development," said Hans Tung, managing partner of GGV, who joined Misfit's board after the investment.
It's also Xiaomi's first direct investment in a US-based firm.
Since its debut in 2013, Misfit's products, including the Shine activity and sleep tracker, are now available in more than 20,000 store locations in more than 50 countries.
Wearable computing devices may still be in the infancy stage in China but the market potential for such products is great and are regarded as the next most important device after mobile phones in daily life.
