From CNET: The Chinese smartphone maker, which has been on a tear over the last four years, has raised $1.1 billion in venture capital funding, giving it a valuation of $45 billion. Bin Lin, Xiaomi co-founder and president, posted the news Monday on Facebook.
The valuation makes Xiaomi the top-dog among startups, besting Uber's financing from earlier this month that put its worth at just over $40 billion, according to the Wall Street Journal. The financing underscores the rapid success of the company, which has successfully vaulted to the No. 3 position among global smartphone makers by selling lower-cost devices.
In a year when Samsung stumbled and several established players -- from Motorola to HTC -- attempted to regain their footing, Xiaomi stood out. Its valuation is more than quadruple its previous worth based on financing from 2013. The startup is also worth nearly three times Lenovo, which is the world's top PC maker and which earlier this year acquired Motorola to give it additional smartphone heft.
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