MMisfit Lands $40m Funding for Connected Home and Chinese Expansion

By Alex Spencer


Misfit Wearables has closed a $40m (£25.5m) Series C funding round, with a number of Chinese companies investing in the company for the first time.

Chief among these are Xiaomi, which became the world’s third largest smartphone manufacturer in Q3 2014, and, one of the biggest online retailers in China.

The funding is primarily intended to help push Misfit’s growth in the market – something that the support of these two companies seems almost certain to bolster.

Misfit is best known for its Shine activity tracker, but the company’s future also includes its first step outside of wearables, and into the connected home market. According to Re/code, co-founder and CEO Sonny Vu confirmed that Misfit will launch “several smart home products over the next few quarters.”

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Source:: Mobile App News