Xiaomi Lands USD 90 Mln in New Funding

Netease Tech, 12/20/11

Lei Jun, chairman of the board of directors and CEO of Beijing-based Android handset developer Xiaomi, revealed today at an event marking the release of an operator-customized version of its MI-ONE smartphone for China Unicom (NYSE: CHU; 0762.HK; 600050.SH), that the company has received a new round of USD 90 mln in funding, bringing Xiaomi's current total funding to USD 131 mln.

Lei stated that this round of financing came from six companies, including Morningside, Qiming Ventures, IDG, Shunwei, Temasek China and Qualcomm. This round of financing brings the total valuation of Xiaomi to approximately USD 1 bln. Lei also noted that Shunwei is his own personally-established investment fund.

According to earlier reports, Xiaomi's founding team invested USD 11 mln when the company launched. In the second half of 2011, Morningside, Qiming Ventures and IDG invested USD 41 mln in Xiaomi, giving the company a valuation of USD 250 mln.

Keywords: Qualcomm Lei Jun China Unicom handset smartphone funding valuation wireless IDG Morningside Qiming Temasek 0762.HK 600050.SH CHU operator-customized Xiaomi Xiaomi MI-ONE

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