China's Xiaomi raises $90 million in B-round funding: report

Reuters News
Posted: Dec 20, 2011 9:23 PM

SHANGHAI (Reuters) - Chinese low-end smartphone maker Xiaomi has received $90 million in B-round venture capital funding from investors such as IDG Capital, Temasek Holdings and Qualcomm Inc, the 21st Century Business Herald reported on Wednesday.

The latest round of financing values Xiaomi at $1 billion, the paper reported, quoting the firm's founder Lei Jun.

After this round of financing, the total amount of financing Xiaomi raised reached $131 million.

The funds will be used to improve Xiaomi's technology and after sales customer service, the newspaper reported.

China's smartphone market is hotly contested as Apple Inc and low-end smartphones running Google's Android system vie for consumers' affections.

(Reporting by Melanie Lee; Editing by Jacqueline Wong)