Viomi Technology is a Chinese manufacturer that develops and sells Internet-of-Things enabled home products. Viomi is backed by Chinese smartphone maker Xiaomi. Xiaomi has a 19.5% stake in Viomi and 62.6% of Viomi's early 2018 revenue came from product sales to Xiaomi.
Viomi's products include premium range hoods, a series of instant-heating water heaters, water purification systems - which accounted for 65% of Viomi's FY17 revenue - refrigerators with connected displays, which can help users with food management, display television shows or take calls; a dishwasher, which can be connected and controlled via app at any time; a robot vacuum cleaner, which can store several floor maps which Viomi claims improves efficiency and can be controlled through their app. As of September 2018, they were developing speakers and stove ranges. Viomi's smart products can communicate with each other through their IoT @ Home platform.
Viomi opened for trading on the Nasdaq in September 2018 for $9 a share, raising $102.6 million. Their underwriters included Morgan Stanley and China International Capital Corporation Hong Kong Securities.
In their public filing, Viomi said they returned to profitability in 2017 and generated $10.6 million net income in the first half of 2018, an increase of 271.5% from the same period the year prior.
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- Consumer electronicsCollective term for electrical appliances that serve the end user's needs
- Smart homeHome automation technologies that allow home owners to interact with their households in a variety of ways.
- Internet of things (IoT)Proposed internet-like structure connecting everyday physical objects