(Yicai Global) April 8 -- Zeemr has secured CNY100 million (USD15.7 million) in its latest financing round, boosting the Chinese smart projector brand’s valuation to CNY1 billion (USD157 million).

CICC Capital led the Series A fundraiser, 36Kr reported today. The proceeds will be mainly used to develop high-end products with professional performance and other technologies as well as build supply chains.

Zeemr is an emerging brand under Nanjing-based Jiangsu Visual Network Technology that aims to offer cost-effective home cinema solutions.

It has set up a research and development center in Shenzhen, and achieved early mass production by cooperating with local factories, founder Li Ming was reported as saying. After taking a certain market share, Zeemr will consider building its own factory, he added.

The brand has three products so far, with prices ranging from CNY800 to CNY2,000 (USD125 to USD315). Its shipments exceeded 120,000 units in the past six months, according to its own data.

Editor: Futura Costaglione