Xiaomi’s fitness wearables partner raises $35 million in series B funding

Huami, the Chinese startup that’s Xiaomi’s fitness wearables partner, has secured US$35 million in series B funding. The startup’s announcement says that the investment is from Banyan Capital, Sequoia Capital, and Morningside Capital.

Xiaomi – whose Mi Band fitness tracker was actually created by Huami – contributed to the startup’s more modest series A at the beginning of this year, but did not put any money into this newest round. Xiaomi co-founder Lei Jun also threw money into Huami’s series A via his Shunwei China Internet Fund.

Huami now values itself at US$300 million.

Xiaomi has sold one million Mi Band fitness trackers in the three months since its launch, making the cheap device (it costs just RMB 79, which is US$13) possibly China’s top wearable tech product.

Yesterday it was apparent that Xiaomi is hedging its bet in terms of smart wearables by participating in a US$40 million funding round for US-based Misfit.

See: Xiaomi Mi Band: at just $13, all flaws are forgiven – REVIEW