LifeSmart, an Internet of Things (IoT) and smart home solution provider, announced the closure of a 60 million RMB ($9.4 million USD) Series A funding from Haier SAIF, an IoT investment joint venture of Haier and SAIF Partners, and world’s leading electronics contract manufacturing company Foxconn. The company received 10 million RMB in angel investment last year.
The new funding is earmarked for R&D, recruitment, online marketing and branding, as well as stepping up global expansion, said Stephen Meng, co-founder of the company.
The Hangzhou-based startup launched a slew of smart home automation solutions and devices last year when the IoT trend was in full swing across the global tech circle. Its products include cameras, motion sensors, LED light bulbs, magic light strips and open/close sensors.
LifeSmart has set eyes on both domestic and overseas markets since its inception and feedbacks gained from the first batch of users have warranted insightful understandings of market distinctions.
To address the difference, LifeSmart rolled out some entry-level smart hardware in China to attract users in an emerging market with playful features and affordable prices. The marketing was mostly conducted online to go after young tech-savvy users who are in the habits of building their presence online. The newly launched Super Bowl, a $28 USD smart remote controller also functioning as night-light and smartphone charger, is a flagship product targeting at domestic market.
LifeSmart Super Bowl
For more mature overseas markets in North America and Europe, the company offers products with more practical functions and the marketing channels are mostly offline. LifeSmart just rolled out Frame, a wireless smart camera designed by Beats designer Nick Cronan, to its foreign audiences. Meng disclosed that they have signed agreements with marketing agencies in the U.S., the U.K., Germany and Sweden.
LifeSmart is also seeking more growth points from business clients such as real estate developers and telecom carriers. It has entered partnership with real-estate developer Vanke, Jinmao, and telecom carriers like Sprint and China Unicom.
Image credit: LifeSmart