Xiaomi, the fast-growing Chinese smartphone maker, is making its first US investment, as part of a $40m fundraising for internet-of-things start-up Misfit.
The latest funding round for Misfit, which makes the Shine and Flash activity trackers and has plans to launch more wearable and smart-home products over the next year, has been led by GGV Capital, a venture fund with offices in Silicon Valley and Shanghai.
Alongside Xiaomi, the fundraising included JD.com, the Chinese commerce company, and Shunwai, the China-focused fund led by Xiaomi founder Jun Lei. Existing investors such as Horizons Ventures, Li Ka-shing’s investment arm, and Peter Thiel’s Founders Fund, also took part in the round, which brings Misfit’s total funding to $63m.
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