Chinese smart device and software developer Xiaomi today announced it had received US$1.1 billion in a new round of funding, at a US$45 billion valuation. Participating investors include All-star Investment, DST, GIC, Hopu Fund and Yunfeng Capital (the VC fund co-founded by Alibaba chairman Jack Ma).

The valuation makes Xiaomi the fourth largest tech company in China, after Alibaba Group, Tencent and Baidu.

The company had raised four rounds of funding previously, according to the company and media reports. Morningside Ventures led the first three rounds.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com