Xiaomi Aims to Raise $1.5 Billion in Venture Capital Funding
Ashley Allen / 2 years ago
Chinese smartphone manufacturer Xiaomi aims to raise US$1.5 billion in venture capital funding. If it achieves its target it will become the largest investment ever secured by a Chinese company. DST Global, an investment firm based in the UK, have been credited with an interest. Their investment portfolio includes Facebook and Alibaba.
Xiaomi increased its smartphone shipments by 18% in the third quarter of 2014, and more than doubling its profits to 27 billion yuen (US$4.39 billion) over the last two years. Lei Jun, Xiaomi’s CEO, states that 44 million handsets were shipped over the first three quarters. Market researcher IDC puts the company’s global market share at 5.3%, as a relative newcomer comparing favourably Samsung and Apple, at 23.8% and 12%, respectively.
Xiaomi intends to use the funding to further develop its internet TV service, producing content for Xiaomi TV.