Rumor had it that Xiaomi had secured a $1.1B funding. Xiaomi founder Lei Jun, writing in a microblog post, confirmed the buzz, posting that the “round of funding is an affirmation of Xiaomi’s achievements in more than four years of business and a prelude to a new stage of development.” “Xiaomi will assume we are starting from scratch, and continue working towards our dream to let everyone globally enjoy a better life through technology,” Lei wrote, in a translation provided by Re/code. “Our goal is always to pursue high quality, high performance products with good user experience. Xiaomi will launch some heavyweight flagship products in January 2015 to show gratitude to the fans, partners and investors who have been supporting us.” Investors include All-Stars Investment Ltd., a fund run by former Morgan Stanley technology analyst Richard Ji, Russian investment firm DST Global, Singapore fund GIC Pte. Ltd., and Yunfeng Capital, a private equity firm associated with Alibaba. The capital infusion gives Xiaomi a stratospheric valuation of $46 billion, exceeding Uber’s $41 billion market value and higher than any other venture capital backed startups. The Wall Street Journal reported that Facebook (FB) reached a $50 billion valuation in 2011 after a financing round from private investors. Xiaomi has made waves ever since they launched the Mi3 in India. Their Apple inspired designs have managed to take the company to the top 3 smart phone manufacturers in the world.