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In June 2012, the company raised $216 million of funding in a Series C round at a $4 billion valuation. In December 2011, the company raised $90 million in a Series B round.
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The device had Xiaomi's MIUI firmware along with Android installation.

In August 2011, the company launched its first phone, the Xiaomi Mi1. In 2010, the company raised $41 million in a Series A round. On 16 August 2010, Xiaomi launched its first Android-based firmware MIUI. At the time of the founding of the company, Lei was dissatisfied with the products of other mobile phone manufacturers and thought he could make a better product. Lei had founded Kingsoft as well as, which he sold to Amazon for $75 million in 2004.

The name "Xiaomi" literally means millet and rice, and is based on the Buddhist concept of starting from the bottom before aiming for the top. It also is a major manufacturer of appliances including televisions, flashlights, unmanned aerial vehicles, and air purifiers using its Internet of Things and Xiaomi Smart Home product ecosystems. In 2020, the company sold 146.3 million smartphones and, as of August 2021, its MIUI operating system had over 450 million monthly active users.

Behind Samsung, it is the second largest manufacturer of smartphones, all of which run the MIUI operating system, a fork of Android.

Xiaomi Corporation ( / ˈ ʃ aʊ m iː/ Chinese: 小米 ), registered in Asia as Xiaomi Inc., is a Chinese designer and manufacturer of consumer electronics and related software, home appliances, and household items. A Xiaomi Exclusive Service Centre for customer support in Kuala Lumpur.
