With a market cap of $13 billion, the Chinese company LeEco is not to be taken lightly. So when they staged a major launch event in San Francisco on Wednesday to announce new technology products for the U.S. market, the news had impact not just for smartphone competitors, but television manufacturers and even autonomous car makers as well.
Company seeks to build an ecosystem of consumer tech devices
LeEco (which is a Mandarin translation of “joyful ecosystem”) started in 2004 as a streaming content platform. They went public in 2010 and made waves last July when they bought the TV set maker Vizio for $2 billion.
The company is committed to its concept of a technology ecosystem, with the goal to build a suite of consumer products that includes smartphones, TVs, cars, and connected sports bikes, along with streaming video content through a host of global partnerships. “No other company in the world can do what LeEco will unveil today,” said Danny Bowman, the company’s chief revenue officer at the Wednesday launch. “We will take this ecosystem to the world.”