Xiaomi Is World's Most Valuable Startup, Raises $1.1 Billion

Xiaomi, the largest smartphone maker in China, confirmed that it is raising $1.1 billion at a pre-money valuation of $45 billion. Rumors about a massive upcoming funding round has been floating around Xiaomi for the last few weeks.

The valuation is more than Uber, making Xiaomi the most valuable startup in the world.

"This is an affirmation of Xiaomi's stellar results in four years, and heralds a new phase for the company," Bin Lin, Xiaomi's cofounder and president, wrote in a Facebook post formally announcing the funding and valuation. "We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience."

Xiaomi has been progressing in the business since its inception. The smartphone maker recently passed Samsung to become the top smartphone maker in China.

According to IDC, Xiaomi is the third largest smartphone manufacturer in the world, after Samsung and Apple.