Xiaomi invests in 77 firms to form smart hardware ecosystem

Xiaomi Technology has committed equity investments in a total of 77 hardware companies to form an ecosystem for the production of smart household devices, according a China-based cnBeta.com report.

Companies within Xiaomi's smart hardware manufacturing ecosystem generated combined revenues of CNY15 billion (US$2.169 billion) in 2016, company founder and CEO Lei Jun said earlier.

Of the 77 companies, 30 firms have already started marketing their products, 16 have generated revenues of over CNY100 million a year, and another three have revenues of over CNY1 billion. Additionally, four start-ups have market value estimated at over CNY1 billion, said the report.

The smart hardware device makers include those engaged in the production of wearable devices, household robots, smart household products, VR/AR devices and smart in-car devices.

According to Lei Jun's planning, Xiaomi plans to contribute investments in a total of 100 companies to further expand its hardware ecosystem within the next five years, said the report.