Broadlink, a smart home startup in China, has raised US$54.4 million in series D funding, led by Citic Capital Partners. Other investors include tech giant Baidu and detergent manufacturer Libai Group.
Broadlink, a smart home startup in China, has raised US$54.4 million in series D funding, led by Citic Capital Partners. Other investors include tech giant Baidu and detergent manufacturer Libai Group.
The round was also the largest amount raised in the smart home sector in China to date. With that, Broadlink is poised to be a great challenge to its previous business partner Xiaomi, which has aggressively pushed its smart home business in Asia and plans to enter the U.S. market this year.
Broadlink will use the raised capital to expand its artificial intelligence and IoT units. It will also invest in some smart home companies which can add more value to its existing business.
Products currently offered by Broadlink include universal IR/RF controls, alarm kit sensors, environmental sensors, smart light switches, smart plugs and air purifiers.
Besides hardware, it has also built up its own PaaS Broadlink DNA, a platform that allows third-party developers to develop, run and manage applications. The goal of the platform is to help traditional home appliance manufacturers better adapt in the digital age and transform their products more easily.
The company sells its products to end users, but also partner with homebuilders to integrate solutions in new homes. 18 Property developers in China, including China Vanke, China Merchants Property and COFCO Property, have collaborated with Broadlink in real estate projects in Beijing, Shanghai and Shenzhen.
According to Chinese consulting firm Zhiyan, the Chinese IoT market was valued at about US$14.4 billion in 2017. The covered products and services include home appliances, sensors, software and network solutions, among others.