China-based budget smartphone manufacturer Xiaomi Tech secured $90m in series B financing, according to a statement made by the chief executive of Xiaomi, Lei Jun, on Tuesday at an event to mark the release of the company’s MI-ONE smartphone.
Investors in the round included 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 Lei’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.