Chinese fitness wearable maker Codoon secures $30M funding, but is it enough to compete with Xiaomi?

Codoon, the smart wearable maker from China famous for cloning the Jawbone Up, has raised a US$30 million series B funding round from SIG and SBCVC, according to TechNode. The new investment comes just half a year after Codoon picked up a US$10 million series A round from CITIC Capital.

Back then, we noted the startup looked to be falling behind the competition from more established players. The startup now offers a redesigned wristband in addition to the lookalike, along with a couple other activity tracking gadgets that look different but essentially do the same thing as the bracelets – track steps taken and monitor sleep. Then there’s this smart kitchen scale and heart rate monitor. Each of the gadgets syncs with the user’s smartphone via Bluetooth.

This latest investment will go toward developing Codoon’s new social network for its device users, which aims to help incentivize exercise.

Codoon also offers an API for developers to create apps to work with its devices and, conversely, a firmware ROM that can be used to run similar smart wearables.

While the price of Codoon’s gadgets undercuts Fitbit, it will have a much more difficult time in China thanks to smartphone maker Xiaomi’s entrance to the fitness market. Earlier this year, Xiaomi launched an activity tracking wristband that offers many of the same functions as Codoon and Fitbit for only RMB 79 (US$13). In contrast, Codoon’s bands cost RMB 399 (US$65) and RMB 499 (US$82).

See: 12 of China’s hottest hardware startups

(Source: TechNode)