Lumi United Technology, the Chinese company that makes and sells smart home products under the brand name of Aqara, has raised CNY1 billion (USD156.4 million) in its latest fundraiser.

The new funds will be used for the research, development and innovation of products, setting up global business channels, brand building, and boosting talent hiring, the company said. The firm is also developing offline sales channels, having already built about 600 Aqara Home experience stores nationwide. The C-series financing was one of the largest funding rounds in China’s Internet of Things sector this year, with investors including state-backed Shenzhen Capital Group and Beijing-based Joy Capital, Lumi said via WeChat today.

Chinese Smart Home Products Maker Lumi Wraps Up Usd156.4 Million Financing

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Chinese Smart Home Products Maker Lumi Wraps Up Usd156.4 Million Financing

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