Xiaomi expanding home-products line
Xiaomi Corp is working on a water purifier as it expands its range of home products that can be controlled through the Internet.
The company has shown some backers a prototype of the new purifier, said Jenny Lee, managing partner at GGV Capital, an early investor in China’s largest smartphone vendor. Xiaomi spokeswoman Joy Han declined to comment on products that have not been announced.
Xiaomi said on Monday that its valuation rose to $45 billion, following a $1.1 billion funding round that included investors such as billionaire Yuri Milner’s DST, Singapore’s GIC Pte and AllStars Investment Ltd. Belief in Chief Executive Officer Lei Jun’s ability to push from smartphones into home electronics was one reason investors valued the Beijing-based company so highly, Lee said. (Photo 5)