Besides being the world’s third largest smartphone distributor, Xiaomi is on track to becoming a massive player in the wearable space. The company has already sold one million Mi Band fitness trackers in the three months since its launch (a hundred days exactly), making the device China’s top wearable tech product and possibly the world’s bestselling fitness tracker. At its peak, it sold 103,000 in a single day.
To put that into perspective, Fitbit, the bestseller in the American market, sold roughly 2.1 million trackers between April 2013 and March 2014 in the US, according to the NDP group. The overall US market represents roughly 3.3 million fitness bands and activity trackers in that one-year-period.
At the moment, the Mi Band is available only in China, but Xiaomi will release it in other markets very soon. The wearable device costs only $13 (79 CNY), and yet has most of the features that more expensive products are offering, including sleep monitoring, accelerometer, and a battery that can last up to 30 days.
Xiaomi also reports the total number of recorded steps accumulated by all Mi Band users has surpassed 80 billion. That’s impressive and proving that people are really using them.
This week it was apparent that Xiaomi is hedging its bet in terms of smart wearables by participating in a US$40 million funding round for US-based Misfit. Huami, the Chinese startup that’s Xiaomi’s fitness wearables partner, has also secured US$35 million in series B funding from Banyan Capital, Sequoia Capital, and Morningside Capital.