Business, Investments

Xiaomi Plans to Acquire 100 More Tech Startups to Boost the Firm’s Ecosystem

Image Source: androidheadlines

Image Source: androidheadlines

To boost the firm’s ecosystem and establish its leadership in the Internet of Things industry, Chinese smartphone manufacturer, Xiaomi plans to acquire 100 more startups. The company has already invested in 20 startups so far, aimed at boosting its products offering through connected and smart devices. The companies backed by Xiaomi include Ninebot, Misfit, Yeelight, iHealth and Huami, among others.

Last week, Xiaomi-backed robot mobility equipment maker Ninebot had acquired its prime competitor Segway, which also shows Xiaomi’s plans to establish its supremacy in the hardware and smart devices industry.

In December 2014, the company had also announced that it has sold over 1 million Mi bands in a period of three months, that was actually created by Xiaomi’s fitness wearable partner, Huami. In the same month, Huami had raised $35 million in series B funding led by Banyan Capital, Sequoia Capital, and Morningside Capital.

A lot of other companies are also showing interest in IoT as well as investing money in the space, but Xiaomi seems to be more aggressive about it.

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