China's top smartphone maker Xiaomi has diversified its ecosystem and launched a new product line called Mi Ecosystem (also known as Mijia in China), which explores the smart home sector, founder Lei Jun announced at a press conference in Beijing on Tuesday.

The initiative is to create distinct products manufactured by Xiaomi itself and its ecosystem partners. Lei predicts that products sold under this e-commerce platform will surpass the 10 billion yuan ($1.54 billion) mark this year.

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The company initially unveiled the Mi Induction Heating Pressure Rice Cooker, which promises a high performance rice cooker at a very affordable price. But the ultimate perk is that it works with an app. Priced at 999 yuan ($150), this rice cooker is definitely four- to fivefold cheaper than Japan's Toshiba, Tiger, and Zojirushi.

Xiaomi's latest rice cooker uses a 1.2 atm to heat the temperature up to 105 degrees Celcius. The accompanying app allows users to scan the barcode on the rice packaging and the smart device will then determine how to cook it just right, meaning it will be based on the rice' brand, origin, type and consumer's preference.

However, Xiaomi has not mentioned how many types of rice this cooker can do, but more than 200 brands together with over 2,000 cooking method combination were mentioned.

Even with the cheap price tag attached, Xiaomi said it did not cut corners as the rice cooker is equipped with a premium quality grey cast iron inner pot that helps achieve optimal regenerative heating and ensure that the rice is cook evenly. Moreover, the non-stick feature of the pot is supplied by Daikin's Neoflon powder coating.

To ensure the high-quality of its new product, it even tapped Naito Takeshi, Sanyo's former engineer and co-inventor of the IH pressure rice cooker, to help develop the product. During the press conference, he was quoted saying that he wants to "make a better rice cooker, and then sell it back to Japan."

The rice cooker, which will be available on April 6, is just one of the many products Xiaomi will soon unveil under its sub-brand Mi Ecosystem (or Mijia). 

TagsXiaomi, Mi Ecosystem, Xiaomi Mi Ecosystem Sub-Brand Mijia China, Mijia, smart rice cooker, Xiaomi Mi Induction Heating Pressure Rice Cooker