(Yicai Global) Sept. 18 -- Shanghai Ximo Communication Technology Co. has secured CNY156 million (USD24 million) in its B-round financing, PEDaily reported.

The money will go toward product development, branding and marketing, said Huang Mingji, chairman.

The firms and its investors also plan to set up a CNY300-million fund industry fund together to invest in ecological chain companies, 36Kr reported.

Ximo researches, develops, makes and sells internet management and optimization equipment, and manufactures smart home solutions, routers and DNS products. It has more than 170 smart products on the market.

The company's smart home platform can control home furnishings and appliances locally or remotely using smart phones. It can control smart lighting and alarms and monitor for gas leaks to improve home safety and comfort and create an environmentally friendly living space.