Xiaomi Inc. has raised $1.1 billion on a $45 billion valuation in a round that included All-Stars Investment, DST, GIC, Hopu Fund, and Yunfeng Capital.

The news confirms speculation last week that the company was about to close a new round, and makes the Chinese tech giant the world’s highest valued technology startup.

“This is an affirmation of Xiaomi’s stellar results in four years, and heralds a new phase for the company” Co-founder and President Bin Lin said in a statement on Facebook.

“We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience,” Bin Lin furthered. “In January 2015, we will be unveiling our next flagship device. Big thanks to all Mi fans, business partners and investors for your strong support.”

Xiaomi’s last undisclosed round in August 2013 valued the company at $10 billion.

Founded in 2010, Xiaomi is the world’s third largest mobile device manufacturer and designs, develops, and sells its own smartphones, mobile apps, and consumer electronics targeted at the lower end of the market.

Although not well known in the West, the company is the market leader in China, and is well represented throughout Asia. Of note, it sells more phones than fellow Chinese manufacturer Lenovo Group Ltd. (Motorola Mobility) and South Korea’s LG Corp.

It’s amazing to consider that a company that only launched its first phone in 2011 has come so far so quickly. That it’s now bigger than Uber Inc. (the previously highest valued tech startup) though is no surprise; one makes a product, the other flaunts laws and has a problem with drivers raping passengers.

The company did not disclose what it intended to do with the funding.