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Xiaomi Obtains USD 41 Mln in Funding

Beijing Times, 7/13/11

Lei Jun, angel investor and CEO of Beijing-based mobile software developer Xiaomi Technology, revealed yesterday that Xiaomi has obtained approximately USD 30 mln in funds from Morningside, Qiming Ventures, and IDG, as well as USD 11 mln in funds from 56 Xiaomi employees, at a valuation of USD 250 mln.

Lei also announced that Xiaomi will launch a self-branded handset in August, and that the company's mobile IM client MiTalk has reached over 3 mln users since it launched at the end of 2010.

The company also revealed its senior management team, which includes former deputy director of the Google China Engineering Research Institute Lin Bin, former Motorola Beijing R&D center senior director Zhou Guangping, former University of Science and Technology Beijing industrial design department chair Liu De, former GM of software company Kingsoft's (3888.HK) Powerword dictionary business Li Wanqiang, former Microsoft China Engineering Institute director of development Huang Jiangji, and former Google China senior product manager Hong Feng. Lin will serve as president in charge of Xiaomi's daily operations, while the other five will serve as vice presidents.

Keywords: Zhou Guangping Liu De Hong Feng Lei Jun Li Wanqiang Lin Bin funding valuation wireless mobile IM IDG Morningside Qiming Xiaomi MiTalk Huang Jiangji HR mobile application

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