In August 2013, the company hired Hugo Barra from Google, where he served as vice president of product management for the Android platform. Institutional investors participating in the first round of funding included Temasek Holdings, IDG Capital, Qiming Venture Partners and Qualcomm.
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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. 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. Hong Feng ( 洪峰), senior product manager for Google China.Huang Jiangji ( 黄江吉), principal development manager.Li Wanqiang ( 黎万强), general manager of Kingsoft Dictionary.Liu De ( 刘德), department chair of the Department of Industrial Design at the University of Science and Technology Beijing.Zhou Guangping ( 周光平), senior director of the Motorola Beijing R&D center.Lin Bin ( 林斌), vice president of the Google China Institute of Engineering.On 6 April 2010 Xiaomi was co-founded by Lei Jun and six others: See also: List of Xiaomi products 2010-2013 Initially the company only sold its products online however, it later opened brick and mortar stores. The company also uses inventory optimization and flash sales to keep its inventory low. Xiaomi keeps its prices close to its manufacturing costs and bill of materials costs by keeping most of its products in the market for 18 months, longer than most smartphone companies, and by making a profit from the sale of related services, software, and peripheral devices. The company is ranked 338th and is the youngest company on the Fortune Global 500. to become the second-largest seller of smartphones worldwide, with a 17% market share, according to Canalys. In the second quarter of 2021, Xiaomi surpassed Apple Inc. By 2015, it was developing a wide range of consumer electronics. In August 2011, Xiaomi released its first smartphone and, by 2014, it had the largest market share of smartphones sold in China. Xiaomi was founded in 2010 in Beijing by now multi- billionaire Lei Jun when he was 40 years old, along with six senior associates. 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.
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