After some reports of Xiaomi raising more than $1 billion in its latest round of funding, the company today officially announced that it has completed raising US$1.1 billion in the latest funding. This values the company at US$45 billion, as expected, more than the US$40 billion valuation, according to reports released last month.
The Chinese smartphone maker became the third largest smartphone maker in the world as its Q3 2014 sales hit 17.3 million units, according to IDC report. Xiaomi also announced that it will launch a new flagship smartphone in January 2015. We still don’t have any specifications of the smartphone or the exact launch date. This is likely to be called Mi 5, since it is the successor of the Mi 4 that is yet to launch in India.
Regarding the funding and its new flagship, Xiaomi co-founder and President Lin Bin, said
We just completed the latest round of funding last week, raising US$1.1 billion at valuation of US$45 billion. Investors include All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others. This is an affirmation of Xiaomi’s stellar results in four years, and heralds a new phase for the company.
We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience. In January 2015, we will be unveiling our next flagship device. Big thanks to all Mi fans, business partners and investors for your strong support.