Viomi

Viomi

Viomi is a China-based technology company that manufactures smart appliances for home.

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.

Products

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.

IPO

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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