Originally posted on TechCrunch:
Xiaomi launched an air purifier last week, and now the Chinese company is putting hard cash behind its smart home push after investing over $200 million in home appliance firm Midea.
Xiaomi Inc., one of the Chinese firm's group of technology companies, bought a 1.29 percent share of Midea Group - Midea's Shenzhen-listed parent company - for RMB1.266 billion, that's around $205 million.
Guangdong-based Midea produces a range of home appliances, including air conditioners, refrigerators, kitchen appliances and more. It was established in 1968, but is moving with the times after unveiling its own smart home vision in March. The project is funded by nearly $2.5 billion in capital - that's a small chunk of the $18.7 billion turnover it recorded in 2013.
"The deal between Xiaomi Technology and Midea will see strategic cooperation between the two companies in smart home initiatives and electronic products," a statement from Xiaomi read.
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