Misfit raises USD 40 mln in funding led by Xiaomi

Nieuws Mobiel Verenigde Staten 3 DEC 2014
Misfit raises USD 40 mln in funding led by Xiaomi

US wearables startup Misfit has raised USD 40 million in a funding round led by Xiaomi, JD.com GGV Capital and Shunwei, Reuters reported. It is the first time Xiaomi has taken a stake in a US mobile-device maker.

As a result of the financing, GGV partner Hans Tung will join Misfit's board of directors. Shunwei partner Tuck Koh will become a board observer. Both are Xiaomi investors. Reuters added that the relatively small size of the investment could reflect the wariness with which Chinese companies approach US acquisitions.

Misfit, led by chief executive Sonny Vu, is based in Daly City, California, with a data science team in Vietnam. Its early investor and advisor John Sculley is Apple's former chief executive officer. A Xiaomi spokeswoman declined comment. JD.com, GGV Capital and Shunwei could not be reached for comment.

Categories:

Mobiel

Companies:

Apple,  Xiaomi

Countries:

Verenigde Staten

Tags:

Consumer devices, Corporate strategy, Financial funding, M&A buyouts & divestments

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