Broadlink, China’s smart home device startup, announced that it has raised 343 million yuan (US$54.4 million) via a fresh round of funding led by Citic Private Equity Funds Management (Citic PE). Baidu and Libai Group, both tech titans, invested as well, reported China Business.
According to scmp.com, Broadlink will use the funds to expand on it’s artificial intelligence and internet of things units.
Broadlink does not just make smart home devices but develops its own third-party Platform as a Service (Paas): Broadlink DNA, a development, operation and management platform for applications. The company thinks its PaaS, a subdivision of cloud computing services, will assist traditional home appliance merchandisers in adapting to the digital age.
So far, it has collaborated with 18 leading mainland property developers including:
- China Vanke
- China Merchants Property
- COFCO Property
…to offer smart home tech solutions in places like Beijing, Shanghai, and Shenzhen so far.