Xiaomi's VC arm to invest $25M in health information devices maker Andon
Xiaomi Ventures, the venture capital arm of Chinese smartphone maker Xiaomi Inc., will invest $25 million in Andon Health Company Ltd, which designs and manufactures health information devices globally.
Andon, based out of Tianjin in China, will set up a new entity called iHealth Inc in the US, and Xiamoi will pick 20 per cent stake in the new entity in return for the investment. The two entities will together develop new products and services that can be applied to Xiaomi's e-commerce and cloud platforms.
Xiaomi is a Chinese electronics company headquartered in Beijing. It designs, develops and sells smartphones, mobile apps and consumer electronics items. The company has over 3,000 employees across China, Malaysia and Singapore. The firm made its debut in the Indian smartphone market, with the launch of its flagship device Mi3. The device sports a 5-inch display and runs on the Android operating system, which can be fine-tuned with custom-built themes, built-in apps and widgets, and robust settings options. It will be available for purchase for as low as Rs 13,999.
Established in 1995, Andon designs and manufactures blood pressure monitors and blood glucose meters globally. It also offers diabetes management solutions, thermometers and video monitors, besides solutions for ovulation tests, pregnancy tests and foetal monitors.
(Edited by Joby Puthuparampil Johnson)