Jun. 28, 2012 (China Knowledge) - Chinese smartphone manufacturer Xiaomi Corp has got its third round of financing worth US$216 million, thus increasing its valuation to US$4 billion, said President Lei Jun on Tuesday, sources reported.

Lei said the funding came from leading international investment firms, without disclosing further details about the investors.

Xiaomi, which began to sell smartphones in October last year, has no plans to go public over the next five years, added Lei.

The company has sold 3 million Xiaomi smartphones so far and expected its sales to reach 5 million units by the end of this year.

The smartphone maker secured its first round of financing of US$41 million from Morningside, Qiming Venture Partners and IDG Capital in late 2010. In December 2012, the company completed its second round of financing worth US$90 million, with investors including Qiming Venture Partners, IDG Capital, Temasek Holdings.