Karaoke system supplier ThunderStone gets funding

Beijing ThunderStone Technology Co Ltd, China's leading karaoke system supplier by market share, announced it has completed a nearly 200 million yuan ($29 million) series B fundraising round, amid growing demand in the entertainment industry.

"ThunderStone will continue to increase spending on product research and development to remain a leader as the industry upgrades," said Wang Chuan, chairman of Thunder-Stone and co-founder of Xiaomi Corp.

China Minsheng Investment Group led the fundraising, with other investors including Morningside Venture Capital, ThunderStone founder Ma Jie and Xiaomi-affiliated Beijing Yuemi Technology Co Ltd.