Smart home security solutions provider Imilab submitted a prospectus to the Shenzhen Stock Exchange on Tuesday, in which the company is planning to raise 644 million yuan ($96.16 million) to invest in a new generation of smart home industrialization projects, the development of its own cloud platform and the construction of an R&D center.
Established in 2014, Imilab now has a product pipeline that covers smart cameras, watches, doorbells, doors, peepholes and sweeping robots.
Xiaomi and Fortune Capital are also part of the shareholders of the company, holding 8.52% and 4.25% of shares respectively. In 2016, with the first AI device “Xiaobai Smart Camera” designed for Xiaomi, the annual revenue of Imilab exceeded 110 million yuan.
Before the founding of Imilab in 2014, founder Li Jianxin worked in several Fortune 500 companies, serving as product director of Longqi Technology and senior director of Acer’s Mobile Phone Business Group. He has also helped Internet, IT and communication brands such as Alibaba, Baidu and Lenovo.
According to the company’s prospectus, from 2019 to 2021, Imilab’s operating income was 875 million yuan, 1.12 billion yuan and 1.53 billion yuan respectively, with a CAGR of 32.35%. Among them, smart cameras accounts for nearly 80%.
From 2020 to 2021, the market share of Imilab’s smart home cameras has increased year by year, with shipments totaling 8.04 million units and 10.28 million units respectively, with market share reaching 19.90% and 22.11%.
From 2019 to 2021, the company’s the operating income for smart cameras was 761 million yuan, 1 billion yuan and 1.29 billion yuan respectively, accounting for 86.96%, 89.17% and 83.88% of the company’s totals, showing a downward trend, indicating that this company is gradually moving away dependence on a single product.
In 2020, Imilab launched smart doors, doorbells, peepholes and other smart products to broaden product categories and further expand its market coverage. From an overall strategic planning perspective, the company views home security as its core and has constructed three environments and service systems: physical security, environmental security and system security.
As of December 31, 2020, Imilab has accumulated more than 12 million users and shipped more than 40 million units of intelligent hardware. Meanwhile, its products have entered 150 countries and regions around the world.