NGP Capital leads Chunmi’s C+ financing, enhancing its investment in IoT

September 26th, 2018

NGP Capital has been actively investing in the IoT sector globally since its establishment 13 years ago. In China, NGP Capital is also focused on this area, with investments in Xiaomi, Sensoro, Xiaoxun and other companies.

Chunmi, which focuses on the development and production of internet-based kitchen appliances and systems, is one of the top ten outstanding companies within Xiaomi’s ecosystem. Joining hands again with Xiaomi, NGP Capital led this round of investment in Chunmi, strengthening NGP Capital's portfolio in this sector.

Another investment focus for NGP Capital is health care, where it has invested in Chinese health and wellness companies such as Yodo Run and Quiknos. Chunmi’s capability of analyzing user dietary habits and applying that data to food preparation creates synergy with health care companies in NGP Capital’s current portfolio, providing an opportunity to build greater user value.

David Tang, Managing Partner of NGP Capital, stated, "The interconnection of everything in the world promotes further industry upgrading, which creates unlimited opportunities and possibilities for our future. As an important member of the Xiaomi family, Chunmi is a pioneer in its field. They create and promote new technologies and applications for intelligent household appliances, which bring a more convenient and better life to the world. We have full confidence in the development and potential of Chunmi.”

"As an important member of the Xiaomi family, Chunmi is a pioneer in its field." - David Tang, NGP Capital

“We started with kitchen appliances and gradually extended our business to gourmet content operations and the data analysis of user dietary habits. We plan to continuously optimize our capabilities in product development and enrich our product line of kitchen appliances. In the future, we will launch a full range of kitchen appliances under the ‘Mi’ brand, as well as under Chunmi’s own brand. At the same time, we anticipate that our gourmet content operations will help us further build our brand so that we can launch a variety of peripheral products based on user data, creating a Chunmi food ecosystem,” stated Yang Hua, the founder of Chunmi.

About Chunmi

Founded in 2013, Chunmi Electronics Technology Co., Ltd. is an IoT and Cloud-based provider of household appliances and solutions, with targeted channels on the internet. Through the efforts of Yang Hua, Founder and CEO, as well as all the staff, the company has experienced rapid growth during the past four years. It currently has almost 200 employees, and has developed into a leading internet home appliance company, with research, manufacturing, product development, sales and service capabilities.

Chunmi’s products sell well throughout China, including more than a dozen different products, from Mi rice cookers and Mi induction cookers to other kitchen products under its own brand, Zhiwuzhu. By May 2018, sales of Chunmi’s rice cookers exceeded one million units. Headquartered in Shanghai, Chunmi has established offices in Beijing, Tianjin, Shanghai, Foshan and other places, and has a total of more than 100 sales outlets in China.

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