Xiaomi raises $1 billion in fresh funding

Xiaomi Corp raised about $1 billion in a new funding round that values China's largest smartphone vendor at $45 billion, according to a person familiar with the matter.

The financing was led by All-Stars Investment Ltd and included Yuri Milner's DST and GIC Pte, the person said, asking not to be identified because the details are private. Joy Han, a spokeswoman for Beijing-based Xiaomi, declined to comment.

Xiaomi founder and Chief Executive Officer Lei Jun is expanding overseas and unveiling new products including an air purifier to build on growth in China, where Xiaomi overtook Samsung Electronics Co in smartphone sales. The company used a combination of high-end features and low prices to lure customers from Samsung and Apple Inc, and now is expanding into content and services.