Andon (SZ:002432), or Jiuan in Chinese, the Chinese healthcare electronics manufacturer, announced to spin off the division for iHeath, the healthcare appcessory brand, and introduce US$25 million financing from Xiaomi, the Chinese smart device maker and software developer.
The spin-off is named iHealth Inc., according to the Andon announcement, and Xiaomi will have a 20% stake in it. One of Xiaomi’s board directors will join iHealth Inc.’s board of directors.
Founded in 1995 and based in Tianjin, China, Andon designs and produces health and medical electronics for OEMs and ODMs. The company went public on the Shenzhen Stock Exchange in 2010. Established in 2011, the iHealth set up an office in the Silicon Valley and targets the US market.
iHealth products have been sold in Apple Stores. Xiaomi has been introducing all types of accessories for mobile devices and newly emerged appcessories, too. Instead of just selling those products, the company would invest in or acquire companies who design or produce those products. It is reported that the company has bought a stake in the first wearable which was launched earlier this year.