Cathay Innovation leads Series B round in Lumi, the leader in smart home solutions in China
January 4th, 2017 – Cathay Innovation recently completed its investment in Lumi, China’s leading provider of smart home and IoT solutions, which is building a world-class smart lifestyle service platform that brings together smart hardware, big data and value-added services. Cathay Innovation led this series-B round of financing and LanTing Capital participated. Xiaomi, Shunwei Capital Partners and Banyan Capital were previous investors in Lumi. The proceeds of this round of financing will be used for the further development of Lumi’s channels, including overseas, and to boost R&D efforts in smart home AI applications.
With the rapid development of the Internet and continuous improvement of people’s standard of living, smart and connected products have gradually entered the life of consumers. Comfort, safety, convenience and automation have become key pursuits in people’s life. Coupled with the maturity of the underlying technologies such as big data and artificial intelligence, the smart home industry is entering a period of rapid development, with a global market that may exceed 400 billion U.S. dollars in 2030. The Chinese market will be a key contributor of the expended market growth, as the penetration rate of smart home devices is only 5% today in China.
Founded in 2009, Lumi has developed proprietary technology and has become a leader in the domestic smart home and IoT industry with a world-class R&D team and extensive experience in hardware design, energy harvesting and supply chain operations. Lumi’s products are easy to install, offer wide compatibility, while also providing great value for money. With over 3.6 million devices sold so far, Lumi develops products under two brands: Mijia and Aqara, to cover a wide range of family life and industrial scenarios, while the Mijia products can easily be connected to the Xiaomi ecosystem’s products. Lumi products are compatible with smart home voice platforms Alexa, Ding Dong, and soon with Google Home. At the same time, Lumi has also entered strategic cooperation agreements with telecom and real estate giants such as China Mobile and Poly Group to further development smart building functionalities and home automation products.
Yanjun YOU, founder and CEO of Lumi, said: “Cathay Innovation is a premium cross-border investment fund with visionary investment strategies and strong achievements in the field of big data and artificial intelligence. Thanks to Cathay’s team and resources on three continents, Lumi will be able to significantly accelerate its international development.”
Nicolas DUCRAY, Partner at Cathay Innovation, said: “China is becoming the most dynamic market in the IoT and related technologies, in the context of the nationwide efforts to digitalize the economy and industries such as smart home, energy, retail, travel, manufacturing, and healthcare. We are glad to have invested in what we believe is China’s leader in the smart home IoT space. We shall fully support the development of Lumi in the overseas market, open our ecosystem to the company, and help establish fruitful cooperation between Lumi and large international groups.”