Smartphone maker Xiaomi secures $90m in VC funding
Chinese smartphone startup Xiaomi Technology has raised $90 million in funding, which values the company at $1 billion. Existing investors Morningside Technologies, Qiming Ventures and IDG Ventures participated in the financing round as well as new participants Temasek Holdings and US chip manufacturer Qualcomm.
The $90 million comes in addition to $41 million Xiaomi raised earlier, the Financial Times reported. It will use the proceeds to increase output in response to a flood of orders. The company's handsets...
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