Chinese smartphone and smart devices maker Xiaomi has signed a strategic agreement with Philips Lighting to establish a new joint venture for smart lighting development.
According to Xiaomi and Philips Lighting, they signed the agreement in Beijing. With the establishment of the JV, the two parties will jointly develop home-use intelligent interconnected lighting products which will be integrated into Xiaomi's Mijia Internet of Things platform.
Xiaomi previously signed a joint declaration with 13 lighting enterprises, including Forest Lighting, Yankon Energetic Lighting, Opple Lighting, and Philips Lighting, in February 2015, aiming to jointly explore the smart lighting sector.
In addition, Xiaomi invested in Yeelight, a smart bedside lamp designed by a company named Yeelink.
Information related to the ownership breakdown of the joint venture between Xiaomi and Philips Lighting has not been released. And full financial information related to investment in the JV has also not been forthcoming.