Ukrainian company KIVI raises $13 million
KIVI, a company that produces televisions, will receive $13 million from Shenzhen MTC in China.
It was reported to AIN.UA by representatives of KIVI.
Details of the deal
This investment is only a part of a strategic partnership between the companies. KIVI will receive more than $13 million in 2021 to develop a new smart TV range. The funding will go toward the development of hardware and software solutions, new design, and improvement of image and sound quality.
Moreover, MTC and KIVI are planning to implement several innovative projects in the next five years.
“We have been watching the KIVI brand and its team for several years. We were interested in its annual growth rate, its successful expansion into the European and Asian markets, and its very professional approach to product development and business operations. Therefore, our company has decided to cooperate with KIVI in a more focused way and to share our expertise and resources with it. Such a strong initial factors’ mix gives us complete confidence in the success of our joint project,” said Mr. Forest Ou, the CEO of Shenzhen MTC.
According to Evgeniy Rudenko, Vice-President of Manufacturing and Innovation, 2020 was a historic year for KIVI.
“In the first half of the year, KIVI signed a cooperation agreement with Google, and already in August, we presented the results of this partnership in our new range of TVs. In the second half of the year, we negotiated with our Chinese partners from MTC about a very deep collaboration, and we will show the results in our new products as early as 2021,” said Evgeniy.
KIVI is an international company headquartered in Kyiv. The company does not disclose its co-founders, but it is known that there are Ukrainians among them.
The company specializes in the development and production of smart TV sets and TV services. The products are sold in European and Asian markets, and KIVI TV is available on all Android TVs in Ukraine.
The company has offices in six countries and employs is over 200 people. Half of them are in Ukraine.
TVs are produced in Europe and Asia. Under the KIVI brand, the company has released more than 1 million devices:
- In 2016, 4,000 KIVI TVs were produced
- In 2017 – 55,000
- In 2018 – 316,000
- In 2020 – 380,000
- In 2021, the company plans to produce 500,000 new KIVI TVs, and surpass the 2 million mark in 2022.
Shenzhen MTC Co. (Shenzhen MTC) was established in April 2005 with registered capital of 4.5 billion yuan ($700 million) and listed on the Shenzhen Stock Exchange in June 2010. The company is headquartered in Shenzhen.
In 2020, MTC ranked second in the world among TV manufacturers with an annual volume of 12.5 million units, increasing production by 49% over the year.
The company’s main activities include design, development, production, and sales of LCD TVs, set-top boxes, LED products, network devices, and other related products and services.