Xiaomi has announced that it has completed a new round of funding last week and raised $1.1 billion at a valuation of $45 billion. With this valuation, the smartphone maker has become the world’s most highly valued tech start-up.
The company also revealed that All Star Investment, DST, GIC, Hopu Fund, Yunfeng Capital and others participated in this funding round. It has not stated where it will be using the funds raised last week.
In addition to the funding news, Xiaomi shared that it is all set to introduce a new flagship device next month, which rumours indicate is going to be a large-screen smartphone. The phone is expected to feature a 5.7-inch QHD display, 20.7MP rear camera, 3GB of RAM, and Qualcomm Snapdragon 810 processor.
Check out the full statement of Xiaomi co-founder Bin Lin below: