China's Smart Home Startup ORVIBO Closes Series C Funding Round of CNY 130 Million
ORVIBO, one of China's smart home technology startups, closed its Series C round of financing worth CNY 130 million (USD 19.12 million) on May 10, led by MideaDC and Red Star Macalline Group.
On May 10, ORVIBO (欧瑞博), one of China's smart home technology startups, closed series C funding round of CNY 130 million (USD 19.12 million), led by MideaDC (美的置业) and Red Star Macalline Group (红星美凯龙). The firm has raised a total of more than CNY 300 million (USD 44.12 million) in four rounds of funding to date. Its investors include reputable companies like SAIF, Legend Star, MTK and so on.
Founded in 2011, ORVIBO provides integrated smart home solutions combining new technologies like AI and IoT (Internet of Things) with smart home devices, applications and central control systems. The company develops various smart home gadgets, including security equipment, smart door lock, switches and central control kit.
The central control system is central to ORVIBO's smart home solutions. Last October, ORVIBO launched MixPad, an intelligent control system, to connect with lighting, underfloor heating, air-conditioning and other smart home gadgets. MixPad can be installed into the walls. And it has many interactive functions that are activated through pressing a button, operating on a touchscreen or leveraging voice recognition.
MixPad, which is also composed of a quad-core A7 processor and multiple sensors, adopts a BLE/Wi-Fi/Zigbee protocol.
According to ORVIBO, it has obtained more than 200 technical patents, entered about 100 real estate complexes and served more than 100 enterprises and 1,000 hotels. In addition, ORVIBO has intelligentized more than 600,000 homes. Its control system has connected nearly 5 million front-end devices, serving around 2 million users worldwide.
Apart from providing products to individual consumers, ORVIBO also serves corporate clients like hotels and real estate companies. It has domestic exclusive procurement cooperation with property developers such as CIFI Group, FANTASIA and Clifford Group. Its products have been adopted in more than 100 residential complexes built by over of 30 developers including, among others, Country Garden, China Merchants Property Co. Ltd. and Gemdale.
ORVIBO said in a company statement that it grew at an annual rate of above 100 percent over the past three years, and the company has turned a profit.
As one of the most important application scenarios of IoT, smart home contains massive business opportunities. In the next five years, the revenue from smart home devices will increase by 106 percent, while that generated by smart home services will surge by 164%, said Ovum, a market research company.
Smart home is also considered to be the next business frontier for telecoms companies. For example, ORVIBO has received an order from China Telecom's Hubei Branch estimated to be worth millions of yuan.