Smartphone maker Xiaomi gets venture capital funding
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Xinhua, December 21, 2011
China's smartphone maker Xiaomi Corp has secured 90 million U.S. dollars in a venture capital fund-raising less than two months after its popular budget smartphone hit the market.
The latest round of fund-raising attracted foreign investors such as IDG Capital, Temasek Holdings and Qualcomm Inc, and brought the total investor financing to 130 million U.S. dollars for the 18-month-old firm, company officials said Wednesday.
Foxconn, the primary Apple product supplier, will become a supplier to Xiaomi from January 2012, officials added.
Founded by Chinese Internet guru Lei Jun, Xiaomi Corp aims to make high-end performing smartphones with affordable prices. The company's first phone, which cost only 1,999 yuan (313 U.S. dollars) or less than half the price of an Apple Iphone 4, sold more than 300,000 units since it hit the market on Oct. 20, officials said.
