China’s answer to GoPro raises $90m funding

The startup’s newest action cam, the Yi 4K. It does 4K HD video recording for the same price as a GoPro Hero4 Black, which only offers 1080 HD recordings. Photo credit: Yi.

China’s answer to GoPro, a startup called Yi Technology, has raised US$90 million in funding. Gadget maker Xiaomi is among the investors, just as it did for the startup’s series A round, reports the Financial Times.

Yi, which is largely unknown outside China, recently received praise for its newest action camera, the Yi 4K, which offers features and specifications comparable to a GoPro costing double its price tag. The Yi 4K is US$249.

That critically-acclaimed GoPro rival is now available on Amazon in the US, giving the startup a chance at gaining a name for itself overseas.

It also makes drones, pitching itself against Shenzhen-based DJI, which has emerged in recent years as the biggest name in the global drone market.

The Yi Erida is the startup’s newest drone model. Photo credit: Yi.

Yi has sold 1.5 million action cameras and 3 million home security cameras in the past two years, chief executive Sean Da tells the FT.

The Shanghai-based startup, first opened in 2013, is called Xiaoyi in Chinese – not to be confused with Xiaomi. The Chinese smartphone maker tapped Yi to make its first action camera back in 2015.