It’s no secret that Chinese internet giants are trying to grab a place in the fledging smart bike market. Xiaomi, which is known their smart hardware ecosystem, connecting everything from wrist bands to air purifiers, has become the latest company to join this bandwagon.

Chinese smart bike maker Yunmake announced an eight-digit RMB Series A funding led by Shunwei Capital Partners, the venture capital firm co-founded by Xiaomi CEO Lei Jun, and followed by Foxconn, Qualcomm, ZhenFundRicebankYinxinggu Capital and a few other investors. Shunwei and Ricebank, the venture capital institution backed by Alibaba founders, also participated the startups’ angel round in 2014.

Company founder and CEO Qiu Yiwu said that the funding will be used for mass production, marketing and new product development. The firm did not disclose the valuation of this round, but Qiu said that it is more than ten times that of the angel round.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.