Wed, June 27, 2012
Business > Industries

Xiaomi confirms new funding of US$216 mln

2012-06-27 01:02:38 GMT2012-06-27 09:02:38(Beijing Time)  Business China

Xiaomi founder and CEO Lei Jun speaks at a promotional event

Chinese smartphone maker Xiaomi has just closed a third round fundraising worth US$216 million, according to the company CEO.

Xiaomi founder and CEO Lei Jun disclosed that the deal was completed over the weekend, but he declined to give details of the firm’s latest backers and the valuation that the series C funding was raised at.

Recent reports speculated the deal would put the smartphone maker valued at $4 billion.

The company’s B round fundraising was led by Morningside Ventures, IDG, Temasek and others. The same investors led its $41 million series A investment in 2010.

The Xiaomi phone has been promoted featuring high performance and low price.

“We are not looking to make any money, or to make Xiaomi profitable, for the next two or three years,” Xiaomi president Bin Lin told Bloomberg in February. “We will be able to look at profitability from software and services after we have the user base.”

The firm said in May that it was already seeing impressive revenues of $158 million each month, and is shipping half a million handsets each month.

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