There were several reports suggesting that the Chinese manufacturer Xiaomi managed to raise over $1 billion in the latest funding. Following these, the vendor on Monday announced that it is done with raising $1.1 billion in the latest funding. This way, the company gets valued at $45 billion and it was expected to go over $40 billion valuation as per the reports that surfaced in the last month.

Notably, Xiaomi occupied the position of the third largest smartphone manufacturer in the world in the third quarter of the year hitting a sales figure of 17.3 million units. These details were revealed by an IDC report.

mi 5

Lately, Xiaomi’s CEO Lei Jun also confirmed that the firm will be launching its upcoming flagship model for the next year in January 2015. However, there are no details regarding the specifications of the forthcoming model or its specific launch date. As per rumors, the device could be named the Mi 5 going by the naming convention followed by the vendor.

Going by the existing rumors, the Xiaomi Mi 5 would feature a 5.7 inch screen with a Quad HD resolution of 1440×2560 pixels. It is believed to be powered by a 64 bit octa core Snapdragon 810 processor paired with Adreno 430 graphics unit and 3 GB of RAM. The next Xiaomi flagship smartphone is claimed to flaunt a 20.7 MP Sony Exmor sensor at its back and a fingerprint scanner.

Regarding the funding and its new flagship, Xiaomi’ Co-Founder and President, Bin Lin Stated, “We just completed the latest round of funding last week, raising US$1.1 billion at valuation of US$45 billion. Investors include All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others. This is an affirmation of Xiaomi’s stellar results in four years, and heralds a new phase for the company.

We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience. In January 2015, we will be unveiling our next flagship device. Big thanks to all Mi fans, business partners and investors for your strong support.”

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