In a smartphone industry that’s sometimes been fixated by the battle between Apple and Samsung, the rise of Chinese manufacturer Xiaomi may have come as a surprise to some. However, this year as it has built its profile in the west, the company’s growth has been less startling. Now it’s raising $1bn in new funding according to the Wall Street Journal, which claims the round will value Xiaomi at more than $45bn. That’s up from $10bn as recently as August 2013, which was the last time Xiaomi raised money. According to analysts, the company expects to sell 60m smartphones globally in 2014, up from 18.7m in 2013. The new funding round will boost the company’s capability for expansion in emerging markets in particular in 2015.