China-based affordable smartphone company Xiaomi has inked a $90m Series B tranche of funding led by Hong Kong-based IDG Capital, Singapore sovereign wealth fund Temasek and global mobile technology giant Qualcomm.
According to the 21st Century Business Herald, the latest round of financing values the company at about $1bn. The funding, which brings the total raised to date to $131m, will enable the group to improve its technology and after-sales service.
Xiaomi’s flagship product, the M1, is a high-end, Android-powered smart phone that uses a Qualcomm Snapdragon S3 as its CPU. At less than half the price of rivals, Xiaomi reportedly filled its 300,000 pre-orders in just 34 hours.
IDG also recently teamed with Accel Partners to invest in US-based gaming hardware maker Razer. The pair led a $50m round which will enable the company to invest in technology, expand and innovate on its portfolio of designs.
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