According to Bloomberg News, Yunmi Technology, which offers products to Chinese smartphone giant Xiaomi, raised $103 million in the initial public offering in the United States. On Tuesday, Yunmi said in a statement that the company, which was established four years ago, issued 11.4 million shares of US depositories at a price of $9 per share, the lower end of the issue price range of $9 to $11.
Yunmi Technology makes its way to the United States market
According to regulatory documents, Xiaomi, who raised about $5.4 billion in the Hong Kong IPO in June, is a strategic partner, shareholder and the “most important customer” that Yunmi Technology has and, likewise, Sequoia Capital is also one of the most important investors of Yunmi. Yunmi Technology completed the financing round A in 2015, where, of course, Xiaomi is included.
As is known, the microwaves, air purifiers and water purifiers produced by Yunmi can be controlled by mobile applications, which makes their sales increase greatly. One of the best examples of this is one of its intelligent refrigerators, which has speech recognition capabilities and, therefore, includes commands such as resetting the temperature, answering calls, playing music and requesting recipe recommendations.
The cooler we are talking about is the Xiaomi Yunmi 450L IoT, which acts as a central hub from which all other connected IoT devices can be controlled. In other words, you can activate a robotic vacuum, turn an intelligent light on or off, unlock or lock an intelligent door and many more operations just by using this refrigerator. This device is equipped with a 21-inch IPS touch screen from which they are carried out and all the actions mentioned above are observed.
Also, this refrigerator comes with the system vioBrainTM, which gives you the ability to remind your routine and also make suggestions based on their use.
Profit achieved by Yunmi in 2017
Last year, Yunmi’s net profit was $14 million, and net income was approximately $132 million. The company plans to use the revenue of its initial public offering for research and development, sales and marketing programs, possible strategic investments, acquisitions, and general corporate purposes, so we’ll just have to wait to see what’s new.
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