Foxconn Electronics has committed equity investment in China-based LifeSmart, an Internet-based smart home device vendor, by participating in a capital increase project initiated by LifeSmart, according to industry sources.
LifeSmart plans to raise CNY60 million (US$9.4 million) through the capital increase project for business expansion. In addition to Foxconn, China-based Haier also participated in the fund-raiser, said the sources.
LifeSmart focuses on production of own-brand wireless cameras, smart switches, smart sockets, ambient sensors, LED smart bulbs and other IoT devices.
In addition to committing equity investment in LifeSmart, Foxconn may also tie up with the China-based vendor for product development, manufacturing and marketing, the sources noted.
LifeSmart's smart home devices have found their way into Amazon, Costco and Walmart, and the China-based vendor has been cooperating with Sprint to promote its products, indicated the sources.
