Chinese phone start-up locks in $1.1 billion funding round

A man rides a bicycle past the Xiaomi offices in Beijing.
Brent Lewin | Bloomberg | Getty Images

Move over Uber. The Chinese smartphone maker Xiaomi has confirmed it has raised a $1.1 billion round at a pre-money valuation of $45 billion, reportedly making it the most valuable tech start-up in the world.

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Uber has previously been valued at $40 billion.

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Investors in Xiaomi's latest round include All-Star Investment, DST, GIC Hopu Fund, Yunfeng Capital and others.

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"This is an affirmation of Xiaomi's stellar results in four years, and heralds a new phase for the company, said Bin Lin, the company's co-founder and president said in a Facebook post where he shared news of the funding round.

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"We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience," he said.

Lin also confirmed in the post that the smartphone maker would be unveiling a new flagship device in 2015.

By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.