Rumor: Chinese Mobile App Developer Wins USD 35 Mln Investment

TechWeb, 12/15/10

Reliable industry sources say that Beijing-based mobile application developer Xiaomi, previously invested in by Chinese angel investor and Kingsoft (3888.HK) CEO Lei Jun, has received USD 35 mln from Morningside Ventures and Qiming Venture Partners in a new round of funding, giving the company a market value of USD 200 mln.

Xiaomi, which launched in April of this year, focuses on smartphone software development and mobile internet applications for the Android and iPhone platforms. Its founding team includes former star employees from Google, Microsoft, Motorola, BYD, Baidu, Kingsoft, Lenovo, and Alibaba, among other companies.

Keywords: Xiaomi Lei Jun iPhone smartphone mobile application funding software wireless Android Morningside Qiming mobile Internet handset

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