TORONTO — OneRobotics, the parent company of SwitchBot, has acquired smart lighting company Nanoleaf for approximately $40 million, according to public filings. The deal, structured as an outright purchase paid over two years, aims to integrate Nanoleaf’s lighting technology with SwitchBot’s home automation ecosystem and expand both companies’ retail presence in North America and Europe.
Nanoleaf will retain operational independence following the acquisition, with co-founders Gimmy Chu and Christian Yan continuing to lead the company. Chu, Nanoleaf’s CEO, described the transaction as “more of a merger” and emphasized that it was not motivated by financial necessity. “Nothing is changing operationally,” he said, adding that product integrations between Nanoleaf and SwitchBot are planned.
The acquisition provides Nanoleaf with additional capital to grow its team at its Toronto headquarters. According to public filings, Nanoleaf generated about $30 million in annual revenue but has operated at a net loss for the past two years. The company, which has been in business for over a decade, remains smaller than competitors such as Philips Hue and Govee.
SwitchBot has limited presence in the smart lighting market but offers robotic switches, smart locks, sensors, shades, and robot vacuums. Nanoleaf brings expertise in connectivity standards like Matter and Thread—areas where SwitchBot has lagged. “We were first movers in Matter and Thread. They can benefit from all the hardships we went through there,” Chu said.
According to public filings, OneRobotics views the acquisition as a key step in its “strategy to build a global home embodied AI ecosystem.” Nanoleaf is developing new products focused on embodied AI and expanding its LED-based wellness line. The deal also leverages Nanoleaf’s existing retail partnerships with Apple, Costco, Best Buy, and The Home Depot to boost SwitchBot’s brick-and-mortar footprint. SwitchBot stated, “We are creating a stronger technical and product foundation to develop future innovations that make the home more responsive, adaptive, and effortless to use … Our shared goal is to create a more unified intelligent home ecosystem with seamless interoperability, where robots, devices, and ambient experiences work together naturally.”
Chu noted the companies share similar scale and complementary strengths. “We’re of similar size and scale with different strengths and a lot of synergies,” he said. He added the partnership would enable larger-scale production, greater purchasing power, tighter supply chain control, and lower costs for customers: “This will enable us to make things at a larger scale, with bigger purchasing power to bring down costs for our customers and have tighter control over the supply chain and quality control.”
No independent assessment was available for this report.