Misfit Weartables, which currently makes the Flash and Shine activity trackers, has raised $40 million in funding from Xiaomi, a Chinese smartphone company, as well as other investors, as it prepares to increase product development.
“Xiaomi knows how to scale, they understand supply chains,” Misfit co-founder and CEO Sonny Vu said. “People like the stuff that we’ve got, but we need to get more products out, and faster.” And JD.com is already a valuable distribution partner: The Misfit Shine is currently the best-selling activity tracker on the site.”
The increase in capital is expected to allow Misfit to expand throughout China. But it’s also expected to launch several smart home products in the coming year.
“If you actually have to wear something 24/7 to get data, it’s kind of a disadvantage,” Vu said. “But if you can just buy something that you plug into the wall, and it works, it can really add value.”