Xiaomi raises $1.1 billion at $45 billion valuation, Mi5 flagship to unveil next month: Bin Lin

Xiaomi raises $1.1 billion at $45 billion valuation, Mi5 flagship to unveil next month: Bin Lin

Xiaomi’s co-founder and president Bin Lin today announced that his company has raised $1.1 billion in a fresh funding at a valuation of $45 billion. In addition, Lin revealed that the Mi5 flagship smartphone will be unveiled as early as the next month.

The latest round of funding which Xiaomi completed last week include investors such as All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others. This has made the Chinese company capable to expand its business which already making new records in countries like China, India and Indonesia.

“This is an affirmation of Xiaomi’s stellar results in four years, and heralds a new phase for the company,” Lin said in a Facebook post on Monday, adding, “We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience.”

Apart from announcing the new achievement, Lin said that Xiaomi is set to unveil its new flagship next month. The new flagship smartphone will be the successor of the Mi4, which unveiled in China in July, and will likely to be called the Mi5.

Some earlier buzzes claimed that Xiaomi Mi5 smartphone will feature bezel-less display and will be powered by a 64-bit Qualcomm Snapdragon 810 chipset, along with an octa-core CPU and Adreno 430 GPU. The lauch of the new flagship would be scheduled for the Consumer Electronics Show (CES) 2015 in Las Vegas.

Xiaomi started its operations in Beijing, China in 2010 as a local smartphone maker but it started becoming popular with its expansion in the worldwide markets.

Former Google executive Hugo Barra joined the company as its Vice President in August last year and the company also appointed ex-Googler Jai Mani as its lead product manager earlier this year.

The company sold nearly 19 million smartphones last year and is aiming to reach at the sales record of 40 million units by the end of this year.

In October, International Data Corporation (IDC) and Strategy Analytics reported that Xiaomi became the world’s third-largest smartphone following Samsung and Apple.

Categories: Smartphones