Xiaomi has been increasingly focusing on the Internet of Things (IoT) segment. After unveiling the Mi Air Purifier earlier this month, the company is now believed to be working on a water purifier as well, Bloomberg reports.
According to the publication, the company showed a working prototype of the said water purifier to some of its investors. As mentioned above, the water purifier will join the likes of the air purifier, smart light bulbs, which were designed by Zhimi and Yeelight respectively. Both are essentially startups Xiaomi has invested in. Additionally, Xiaomi also has developed set-top-boxes and TVs that can connect to the Internet.
According to a recent IDC estimate, the IoT industry is set to grow to $7.1 trillion by 2020, from $1.9 trillion last year. Xiaomi has been actively investing in startups that are focused on the IoT industry. Earlier this month, it bought a 1.29 percent share in Chinese home appliance maker Midea, for around $205 million.
Earlier this week, Xiaomi announced that it had raised $1.1 billion in the latest round of funding. This takes the company’s valuation to about $45 billion, which is a huge jump considering the company was valued at only $10 billion last year in August. The round of investors included All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others.