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Xiaomi invests $205 million in Chinese home appliance maker Midea: Report

Xiaomi is getting big time into Internet of Things, and after recently announcing the Mi Air Purifier, it has invested in Chinese home appliance maker Midea. Xiaomi bought about 1.29 percent share in

Xiaomi-headquarter

Xiaomi is getting big time into Internet of Things, and after recently announcing the Mi Air Purifier, it has invested in Chinese home appliance maker Midea. Xiaomi bought about 1.29 percent share in Midea for RMB1.266 billion, which is around $205 million, TechCrunch reports.

In a statement, Xiaomi said, “The deal between Xiaomi Technology and Midea will see strategic cooperation between the two companies in smart home initiatives and electronic products.”

Midea, based out of Guangdong, was established in 1968 and makes a range of home appliances like AC, refrigerators, and kitchen appliances among others. But it shares the vision of a smart home with Xiaomi and recently revealed that it would invest CNY15 billion over the next three years on smartphone home research and development. Midea plans on launching a range of smart home management systems for air, water, nutrition and health, and energy and security.

Xiaomi has recently unveiled smart devices like a set-top box, smart TV, blood pressure management kit, the Mi Band fitness tracker and as mentioned above, a Mi Purifier. The company has also said that nearly 25 countries have joined its growing smart home ecosystem.

  • Published Date: December 15, 2014 11:58 AM IST