Misfit gets cash injection from smartphone maker Xiaomi

Wearables maker Misfit nabbed funding from an unlikely source today. Chinese smartphone manufacturer, Xiaomi, participated in a round of funding for the wearables company that saw Misfit bringing in a total of $40 million dollars in new funding, the Wall Street Journal reported today.

In addition to Xiaomi, the funding round drew participation from a number of top Chinese technology companies and investors. According to the Wall Street Journal:

The new funding was led by return investor GGV Capital and joined by newcomers Shunwei Capital Partners and JD.com, China's largest online direct-sales company. Also joining the round were past investors Founders Fund, Khosla Ventures, Horizons Ventures and Norwest Venture Partners.

The new round of funding also stands to benefit Misfit Wearables through partnerships with its investors:

The new partnerships will involve Misfit learning more about distribution and manufacturing from its two new partners, the spokeswoman said.

Source: The Wall Street Journal