Imilab and its products have entered 150 countries and regions around the world, with over 40 million units of smart devices shipping to overseas markets.
Smart home security solutions provider IMILAB submitted a prospectus to the Shenzhen Stock Exchange to raise CNY 644 million (USD 96.2 million) on June 28.
Xiaomi and Fortune Capital are part of the shareholders of the company, holding 8.52% and 4.25% of shares respectively.
Founded in 2014 and headquartered in Shanghai, IMILAB is an early members of Mi 100 million Club chain, and joined Xiaomi's IoT hardware ecological model the same year.
It takes home security as the core and builds three types of scenarios and service systems, covering physical security, environmental security and system security.
According to the filed prospectus, smart cameras have accounted for nearly 80% of IMILAB's operating income from 2019 to 2021, with market share reaching 22.11% in 2021.
In addition, IMILAB is gradually moving away on a single product, as shown by its downward trend in the operating income for smart cameras. In 2020, it launched smart doors, smart doorbells, peepholes and other products to enrich product categories and further expand its business reach.
The smart home market is promising and becoming increasingly competitive. Data from iResearch shows that in 2022, China's smart home market size is expected to reach CNY 575.2 billion. The competitors of IMILAB include Linglu Intelligence (Chinese: 灵鹿智能), Bestqi (Chinese: 倍思奇) and SwitchBot.