Xiaomi backed Huami partners with Timex Group to develop Next-Gen smart wearables

Huami, the Xiaomi-backed wearable brand on Wednesday announced its partnership with Timex Group to develop a new smart wearable product to increase the global market share.

In order to develop a new generation of smartwatches, Huami's Artificial Intelligence (AI) technology, app design and manufacturing capabilities will go up and meet Timex's expertise.

"We will work to develop business models to promote, market and distribute smartwatches to our combined customer base, and expect to leverage each company's distribution strengths across the global market while benefiting from established online and offline channels," said Wang Huang, Chairman and CEO of Huami Corporation.

Huami said in a statement that the deal would help both the companies to strengthen their presence in mature markets like Europe and US, as well as emerging markets like China and India.

Both the companies are also expected to explore and develop value-added services that include weight management, e-payments, sports and healthcare-related services for users.

"Together with Huami, we will bring forth a new generation of smartwatches set to disrupt the category," said Tobias Reiss-Schmidt, President and CEO, Timex Group.

"With the deep-rooted product development and craftsmanship capabilities of Timex along with Huami's enhanced sports, healthcare and AI technology, we have the opportunity to bring cutting-edge wearable technology to consumers around the world," he added.