Xiaomi has risen to become the most valuable tech startup in the world

Although Xiaomi is only a few years old, the Chinese company has quickly risen to become not only the third largest smartphone manufacturer on the planet (behind Apple and Samsung), but the most valuable tech startup in the world. The company recently announced that it had raised and unprecedented $1.1 billion in funding, valuing the company at more than $46 billion.

It’s official: Xiaomi Corp. is the world’s most valuable technology startup. Now that the Chinese smartphone maker has raised $1.1 billion, giving it a valuation of more than $46 billion including the fresh capital, the real test for the company will be living up to investors’ high expectations. Xiaomi’s current valuation puts it above all other startups currently backed by venture capitalists, including Uber Technologies, Inc., the taxi-booking app which earlier this month said a new round of funding valued it at $41 billion. Only Facebook Inc. in 2011 raised capital at a higher valuation from private investors—an investment from Goldman Sachs valued the social network at $50 billion at the time.