Xiaomi has led a series A round for Yi Technology, a manufacturer of drones and low-priced action cameras.

China-based action camera producer Yi Technology has raised $90m in a series A round led by smartphone maker Xiaomi, the Financial Times reported yesterday.

Founded in 2013, Yi Technology produces action and home security cameras that record 4K video and take high-resolution photographs. The company competes against rivals such GoPro but is selling its high-end camera at approximately half the price as its US competitor.

Yi Technology claims to have sold 1.5 million action cameras and another 3 million security…