Chinese smart home startup Broadlink gets $54.4mn funding from Citic, Baidu
Chinese smart home devices start-up Broadlink has raised $54.4mn in its latest funding round which was led by Citic Capital Partners.
Announced on Monday, this was Broadlink’s series D funding round and also included internet giant Baidu and detergent manufacturer Libai Group.
Broadlink’s official title is Hanghzhou Gubei Electronics Technology Co, Ltd, and it specialises in smart home products and services utilising IoT, cloud computing, big data and AI. It also aims to help more traditional companies adapt their products for a new smart era, particularly through its PaaS (Platform as a Service) Broadlink DNA platform.
According to the South China Morning Post, the round marks the largest funding raised in the smart home devices sector in China.
It also marks the beginning of its process to issue an Initial Public Offering.
The funding will be used to expand the company’s AI and IoT segments and to invest in other companies. It will also help its increasing rivalry with Xiaomi, which recently became the top smart wearable tech company in the world and is expanding its smart home devices segment, according to SCMP.
The company has already worked in partnership with property developers like China Vanke and COFCO Property.