Xiaomi CEO Lei Jun introducing the Mi4. Jason Lee/Reuters Xiaomi has reportedly raised more than $1 billion in its latest round of funding, which brings the valuation of China's biggest smartphone maker to more than $45 billion, The Wall Street Journal reports.

The funding round — led by All-Stars Investment, a fund run by former Morgan Stanley analyst Richard Ji — is expected to close as early as Monday.

At $45 billion, Xiaomi would be more valuable than most other Silicon Valley technology startups, including Uber, which just closed a funding round that valued the ride-sharing startup at $41 billion.

Xiaomi has made a name for itself in emerging markets thanks to its phones that are highly similar to Apple’s high-end devices but sold at extremely low prices. The company shipped 18 million handsets in its most recent quarter — a whopping year-over-year growth of 239% during that period. The company is the fourth-biggest smartphone maker in the world and the biggest in China.