Xiaomi has completed a $1.1 billion funding round that values the Chinese smartphone startup at $45 billion, the company announced on Monday. Xiaomi’s valuation and raise matches reports from earlier this year, when Xiaomi said it plans to spend the funds on internet TV and international growth.
It’s a large valuation for a young company. Xiaomi was founded in 2010, and has made its name selling Android smartphones directly to consumers in China (and now India) online. [company]Xiaomi[/company] sells a full line of electronics in China, including televisions, tablets, smart home products, and fitness bands.
Xiaomi also teased that it plans to “unveil its next flagship device” in January 2015.
The $45 billion valuation is predicated on Xiaomi’s impressive growth — the company made 26.6 billion yuan…
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