Smart lock supplier seeks to expand into consumer market
Beijing Huohe Technology Co Ltd, a leading Chinese supplier of smart lock products and services, announced its new dual-brand strategy, the latest step to better reach the consumers and gain larger market share in the emerging sector.
The company's Guojia brand will focus on developing the consumer market. And the firm will continue to offer smart residential solutions for enterprise clients with the brand Huohe.
Duan Fanghua, CEO of Beijing Huohe Technology Co Ltd, said the company aims to build Guojia into a leading smart lock brand in the mass consumers market.
"With the blossoming artificial intelligence, the internet of things and internet technologies, we will continuously improve users' living experience as well as the efficiency of large residential operations," Duan said.
Duan announced a new plan to serve more than 100,000 large commercial residential operators in three years, saying the company will be a pioneer in the industry with a new membership system that offers smart equipment, data software services and smart value-added services.
Founded in 2013, Beijing Huohe Technology offers smart locks, smart electricity meters, smart water meters and other smart devices for home-rental service provider, hotels and large residential operators, such as Vanke, Longfor, Ziroom and Tujia. And it also sells smart locks to individual consumers.
The company has so far served nearly 5,000 large residential operators, offering 2 million smart devices in 1.2 million rooms, it claimed.
The Beijing-based startup has been a runaway hit with clients and investors. It has raised 150 million yuan ($23 million) in its latest Series C round of financing from undisclosed investors last year.
Internet consultancy iiMedia Research highlighted people's increasing demand for smart locks in China, saying more than 70 percent of consumers are using or willing to buy smart locks.
The consultancy firm said in a recent report that Chinese manufacturers sold 13 million units smart locks in 2018, estimating the number will hit 35 million by 2020.
