Chengdu-based projector TV manufacturer XGimi Technology has won more than RMB 600 mln in joint funding from Chinese internet conglomerate Baidu (Nasdaq: BIDU), Matrix Partners China, Sichuan Culture Industry Equity Investment Fund, Sailing Capital, Bojiang Capital, Pan-Lin Asset Management (Panlin Capital), Luxin Venture Capital Group (600783.SH), and Jirui Capital.
The funding will primarily be used for R&D of projector TVs and laser televisions, increased application of artificial intelligence technology in XGimi products, enhancement of the company's advantages in content, and expansion of market share.
Editor's Note: Last November, XGimi announced the completion of RMB 300 mln in Series C funding led by Baidu Ventures (see Baidu Ventures Leads Series C Investment in Projector TV Maker XGimi, MD 11/20/17 issue). The investor in this newest round of funding was Baidu's Corporate Development Department (rather than Baidu Ventures). After the current round of funding, Baidu will be the second largest stakeholder in XGimi after XGimi's team of founders, Baidu said in a press release.