Chinese smart home hardware maker Orvibo closes USD 19 million Series C round

The firm’s smart home building solutions have already been adopted by 30 real estate developers in China.

February 27, 2019 - Barcelona, Spain - Google Home mini assistant, exhibited during the Mobile World Congress, on February 27, 2019 in Barcelona, Spain

Orvibo, a Shenzhen-based company selling full-spectrum smart home products ranging from fingerprint-sensing locks to remote-controlled electronic clothes hangers, closed a Series C equity financing round worth RMB 130 million (USD 19 million), 36Kr reported on Friday.

Midea Real Estate Group, which primarily engages in large property development and Red Star Macalline Group, which sells furniture, were investors in this round.

Orvibo’s products can be activated via various smart speakers including Google Home and Tmall Genie. According to the company, its products have entered 2 million households worldwide.

The firm’s smart home building solutions have already been adopted by more than 30 real estate developers in China, including Country Garden, according to the 36Kr report.

The company told 36Kr that its revenue grew at a rate of more than 100% each year over the past three years and that it has achieved profitability, although it did not provide detailed financial information.

Market and consumer data provider Statista predicted the global smart home market to grow to USD 53.45 billion in size by 2022.

36Kr is KrAsia’s parent company

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Editor: Nadine Freischlad