Xiaomi, the China-based smartphone manufacturer backed by media company IDG and wireless technology producer Qualcomm, has raised $1.1bn in series E funding at a $45bn valuation, according to a blog post by company president Bin Lin.
The cash was provided by investors including All-Stars Investment, DST Global, GIC, Hopu Fund and Yunfeng Capital.
Xiaomi was valued at $10bn when it raised an undisclosed amount in 2013. It secured $216m the previous year at a $4bn valuation, taking its total funding to almost $350m.
The company’s existing backers also include Morningside Ventures, Qiming Ventures and Shunwei Capital.
News of the funding came in advance of Xiaomi today announcing a 135% year-on-year increase in full-year revenue in 2014 to RMB 74.3bn ($11.9bn). Sales of its phones increased more than 200% over the same period to reach 61 million for the year.
Xiaomi is also set to boost its investments in 2015, having already pledged in November to spend $1bn to enhance its online video offerings. It currently stands as the world’s third largest smartphone producer by volume, behind Samsung and Apple.