(Yicai Global) March 16 -- Chinese smart projector brand JMGO has closed a CNY1 billion (USD160 million) fundraising round with cellphone maker OPPO Mobile Telecommunications and US private equity firm IDG Capital as participants.

The funds from the Pre-A round will be used to expand operations, boost technology reserves as well as increase product research and development, brand promotion and other strategic key businesses, tech media 36Kr reported yesterday.

OPPO is developing its Internet of Things business, JMGO founder and Chairman Hu Zhenyu said. Its supply chain resources and channels will benefit Shenzhen-based JMPO.

JMPO, which has completed nine rounds of financing so far, counts Alibaba Group Holding and Golden Brick Capital among its investors.

Operated by Shenzhen Holatek, the brand ranked third in the country’s projector market in the first half last year with 8 percent market share, according to International Data Corp. Xgimi Projector Technology came first with a 20 percent share.

Shipments in China’s projector market jumped 32.4 percent in the first six months of last year from the same period the year before to 2.27 million units, IDC said.

Editor: Kim Taylor