Xiaomi-backed Chinese Mobile Solutions Firm Nets $100M In Series B Round

Xiaomi-backed Chinese Mobile Solutions Firm Nets 0M In Series B Round

Chinese mobile terminal solutions provider Longcheer announced it has raised US$100 million in series B funding led by Shenzhen Capital Group and Shenzhen Qianhai Wanrong Hongtu Investment Fund Limited Partnership.

 Accurate Capital, Jintaifu Capital Management, Forebright Capital Management, FutureX Capital, and Huaxu Industrial Investment Fund Management also participated in the round.

 Founded in 2002, Longcheer focuses on the design, research and development, and production of smartphones, tablet PCs, smart homes, AI speakers, and virtual reality and augmented reality accessories. It aims to become the leading supplier of smart products and services.

 With the capital injection, the company will develop its 5G technology and accelerate its development of mobile intelligent terminals powered by artificial intelligence of things.

 It claims to have sold a total of 500 million products by 2019. Having 3,000 engineers, the Shanghai-based company has R&D centers in Shenzhen and Huizhou, and manufacturing centers in Huizhou, Nanchang, India, and Vietnam, as well as branches in Beijing, Hong Kong, the US, and South Korea.

 As an original design builder, the company currently serves smartphone manufacturers Xiaomi, Oppo, Huawei, Lenovo, and Samsung.

 In 2015, it completed a series A round from Xiaomi, Shunwei Capital, and Co-Stone Asset Management.

 According to a report by Statista, the smart appliance segment is expected to hit US$17 billion in revenue by 2025, growing at an annual growth rate of 16.49% from US$9.2 billion in 2021.

South Africa Today

Read more at VolaNews