Uber who?

Xiaomi, the largest smartphone maker in China, confirmed Monday that it has raised $1.1 billion at a pre-money valuation of $45 billion, following weeks of reports about a massive upcoming funding round.

The valuation tops Uber, reportedly making Xiaomi the most valuable startup in the world, though to call either a startup at this point may be stretching the term somewhat.

"This is an affirmation of Xiaomi's stellar results in four years, and heralds a new phase for the company," Bin Lin, Xiaomi's cofounder and president, wrote in a Facebook post formally announcing the funding and valuation. "We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience."

Earlier this year, Xiaomi passed Samsung to become the top smartphone maker in China thanks to its "aggressive price points" and "targeted marketing," according to data from Canalys.

Xiaomi is now the third largest smartphone manufacturer in the world, behind Samsung and Apple, according to recent data from IDC.

While the company has found success abroad, it remains a relative unknown in the U.S. If anything, it's best known in the west for allegations that it copies Apple designs and for poaching a prominent Google executive.

Perhaps the massive funding round and valuation will help to change that.