Misfit, maker of the Shine wearable, has closed a $40 million round of funding, including the first US investment from Chinese cellphone maker Xiaomi, TechCrunch reports.
Sonny Vu, Misfit’s chairman, told TechCrunch that his company didn’t need the money; it still has $15 million from its last raise and is breaking even on hardware sales. More important was the partnerships and territories that came with the money. China is an important market to open, Vu said, adding that at $50 and $100, Misfit’s products sit in a premium position to Xiaomi’s $13 Mi band.
Chinese e-commerce site JD.com was another new investor in this round, which included previous investors such as Khosla Ventures, Horizons Ventures, Founders Fund and Northwest Venture Partners.