One of the most talked about tech companies on the planet is set to unveil a smartphone this week and even before its latest unveiling, the company is creating major buzz in the industry.
Called "the Apple of China" by some industry observers, Xiaomi Inc. is based in Beijing. The company said it raised $1.1 billion last month from a number of mostly Chinese investors, though Facebook CEO Mark Zuckerberg reportedly expressed interest, according to Reuters.
Reuters reported that no deal was inked -- possibly because Facebook has been banned in China since 2009 and Xiaomi may have been concerned about political fallout from any alliance with the American social media giant. Reportedly its relationship with Google may also have been a factor
As a privately-held company, Xiaomi raised that money without an IPO.
Posting on the Weibo microblog today, Lin Bin, Xiaomi's president and co-founder, said the Chinese firm maintains good relations with Facebook and never rejected an investment from the U.S. company. Xiaomi said it would not otherwise comment on the matter. Lin neither confirmed nor denied the talks took place. A spokesman for Facebook declined to comment to ABC News. Xiaomi did not respond to a request for comment from ABC News.
But even without an infusion from Facebook, the company appears to be on an upward trajectory. Here are six things to know about the company that may soon present stiff competition for Silicon Valley.
1. Xiaomi's new flagship product launches Thursday.
The company began teasing the event on Monday via Twitter and Facebook and says it will announce the product -- a smartphone -- from Beijing with a live launch on Facebook.
2. The company name means "little rice" in Mandarin Chinese, but it's anything but small.
With the latest $1.1 billion investment, Xiaomi is now valued at $45 billion, according to Reuters, making it the most valuable private tech startup in the world, surpassing ride-share company Uber.
3. Xiaomi is the world's third-largest smartphone vendor by shipment volume, according to research firms Strategy Analytics and IDC.
The company has even passed Apple and Samsung as the biggest smartphone supplier in China, which is the world's largest single smartphone market, according to IDC.