Xiaomi valued at $45bn after raising $1.1bn in funding

Smartphone maker Xiaomi has raised US$1.1 billion from investors in its latest round of funding, pushing its valuation to US$45 billion, Reuters reported, citing a microblog post from Chief Executive Lei Jun. The valuation reinforces the company’s position among the world’s most valuable private companies following a three-year ascent to become the world’s No. 3 smartphone maker behind only Samsung Electronics (005930.KRX) and Apple (AAPL.NASDAQ). Investors include private equity funds All-Stars Investment, DST Global, Hopu Investment Management and Yunfeng Capital, as well as Singapore sovereign wealth fund GIC.