Business, Investments

Chinese Wearable Device maker Codoon Closes USD 30M to Compete with Xiaomi

fitness band

Chinese fitness wearable maker, Codoon has secured USD 30 million in Series B round led by SIG and SBCVC. Earlier this year, it had received a USD 10 million Series A round from CITIC Capital. It aims to utilize the raised funds for developing its social networking platform and software.

Xiaomi had also launched an activity tracking wristband offering the same functions as Codoon. However, looking at the size of Xiaomi now, will this much funding be enough for Codoon to compete with China’s Apple.

See Also: Xiaomi Unveils its First Wearable Device – a USD 13 Fitness Band

As per TechNode report, the company’s social sports community claims to have more than 20 million users. It has unveiled a series of smart devices including a wristband, a second generatio bracelet, step counter, Bluetooth body scale, Codoon Candy, and Codoon Smile.

In August this year, it introduced API for developers to create apps to work with its devices and also released a firmware ROM 1.0 for smart wristbands. Currently, it offers a redesigned wristband that looks quite different but offers the same thins as bracelets- monitor sleep and tracks steps taken.

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