China-based smart phone manufacturer backed by Qualcomm and IDG Ventures is attempting to raise funds at a $4bn valuation, according to local Chinese media.
In December Xiaomi raise $90m in its series B round, with backing from semiconductor and telecom corporation Qualcomm and IDG Capital, which represents technology, media and investment firm the International Data Group.
The corporates were joined by the China-based division of Singapore government-backed investment firm Temasek, private investment group Morningside Ventures, venture capital firm Qiming Ventures and Shunwei, which acts as Xiaomi chief executive Lei Jun’s own investment vehicle.
The funding follows an earlier round, reported as $35m by Chinese tech news site TechNode, raised last year from Morningside and Qiming. China-based marketing intelligence company Marbridge Consulting puts Xiaomi’s overall funding at $131m since its founding.