Sales of Xiaomi smart bracelets have reached one million units and are expected to top 10 million units within the next 12 months, according to Lei Jun, founder and chairman of Xiaomi Technology.

Due to the potential of Xiaomi bracelets, international venture capital companies have invested up to US$35 million in Anhui Huami Information Technology, a China-based startup which is responsible for design and production of Xiaomi bracelets, Lei revealed.

Xiaomi bracelets are available for CNY79 (US$13) compared to a range of CNY300-600 offered by other China-based vendors, and therefore have been able to enjoy brisk sales since their launch in July 2014.

Global sales of smart bracelets are expected to reach 30-40 million units in 2015, with major suppliers including Samsung Electronics, Sony Mobile Communications, Pebble, Fibit and Jawbone, according to an industry estimates.