Misfit Shine fitness tracker at the 2014 Consumer Electronics Show in the US on Jan 8 Jabari Parker Bucks Jersey , 2014 Photo: CFP
Xiaomi Technology Co Ltd, the world's third-largest smartphone maker by shipments, and several other Chinese companies have together invested $40 million into US wearable device producer Misfit Wearables, Xiaomi confirmed Wednesday, as the sector has become another magnet for venture capital firms and Internet giants.


This is the first time that Xiaomi has invested in a US company as it attempts to become a global brand.


The deal will make Xiaomi a strategic partner of Misfit Greg Monroe Bucks Jersey , according to media reports. A Xiaomi spokesman confirmed the investment with Global Times on Wednesday but said that further details about the deal are not available.


The investment comes as Xiaomi has been making moves in the wearable device segment recently. The company launched its own wearable band, the Mi Band, in July and has since sold over 1 million of the wearable bands, according to the spokesperson. The band, which can track the wearer's activities and sleep conditions every day Giannis Antetokounmpo Bucks Jersey , is sold at a very affordable price - 79 yuan ($12.88).


However, Misfit, best known for its activity tracker Shine, is targeting a much different market segment.


The Misfit Shine is priced at around 700 yuan on Amazon. Misfit CEO and founder Sonny Vu told media that the investment from Chinese companies will help Misfit to gain a bigger presence in the Chinese market.


"Xiaomi's investment in Misfit could help Xiaomi to expand its product portfolio, as it has been trying to build a hardware 'ecosystem'… and the deal could also help it develop into an international company Chris Copeland Bucks Jersey ," Ge Hantao, a senior analyst at consultancy Analysys International, told the Global Times on Wednesday.


Xiaomi now also offers products like smart blood pressure monitor and smart light bulbs, according to its spokesman.


Xiaomi now ranks third among all smartphone producers in the world, with around 17.3 million shipments in the third quarter Vin Baker Jersey , according to data from US consultancy International Data Corp.


But experts said it will be difficult for Xiaomi to repeat its success in the wearable devices sector. Ge noted that Xiaomi's Mi Band still lags behind industry leaders in areas like positioning technology and data services.


An increasing number of hardware producers and Internet companies are rolling out wearable devices as public desire for novel gadgets and fitness awareness continues to grow. Major companies like Sony, Samsung and Microsoft all have similar offerings. Apple Inc just unveiled its smart watch in September, which, according to experts, is expected to be a major driver for the wearable devices market.


Wearable band shipments will grow 129 percent year-on-year in 2015 to reach 43.2 million units Thon Maker Jersey , consultancy Canalys predicted in a report in September.


"It is right for Xiaomi to make moves in the wearable devices market, but unlike smartphones, wearable devices are still not daily necessities and many people just toss away their wearable bands months after they have bought it," Zhang Yi, CEO of iiMedia Research Institute Spencer Hawes Jersey , an Internet consultancy, told the Global Times Wednesday.


Zhang noted that wearable devices and smart home products have great potential but the current products on the market are still not good enough.


The firms which invested in Misfit also include leading e-commerce company JD Inc as well as venture capital firms GGV Capital and Shunwei China Internet Fund. JD confirmed the deal with the Global Times on Wednesday but did not give details.


Both capital firms are also investors in Xiaomi.


In an e-mail reply, JD said that it "attaches great importance to the development of smart devices and will continue eyeing the sector."


In June, JD invested in wearable devices and health app maker PICOOC.


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