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Morning Report: Xiaomi has lowered its target valuation to between $70 and $80 billion ahead of its IPO.

According to the , Xiaomi, the China-based smartphone and Internet of things company, has lowered its valuation target ahead of its IPO from $100 billion to $70 to $80 billion amid .

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This news comes as the company is looking to break records as the highest valued Chinese unicorn. The company鈥檚 last pre-money valuation was already $45 billion after in 2014; however, given its losses in 2017, which 红桃视频 News explored in detail last week.

If you鈥檙e just catching up, here鈥檚 some background on the company. Xiaomi was co-founded in 2010 by its current CEO Lei Jun, a successful, serial entrepreneur who sold his first company to Amazon.

Xiaomi initially prided itself on selling high-end smartphones at affordable prices through its massively hyped, online flash sale retail initiatives. Its community of fanatic users also drove its early staggering growth. The company more than tripled its sales volume from 2012 to 2014. However, that growth was not without competition and drama. The company was repeatedly accused of intellectual property theft by Apple and Samsung, and fell in the ranks in China as offline retailers in more rural communities took advantage of its brick and mortar absence.

Since then, the company has expanded its offline retail presence, invested in numerous companies dealing with the Internet of things鈥攕elling everything from wifi-enabled smart rice cookers to smart TVs鈥攅xpanded its smartphone sales into global markets like India, and even became one of the world鈥檚 leading wearables companies.

Since its founding, the company has scored a known total of more than $3 billion in funding, with investors betting that its low cost smartphones and electronic devices are the winning ticket for a global Xiaomi. However, we will have to wait and see if the company will score big or live up to its name– 鈥渟mall rice.鈥�

From The聽:

Foundry Group files for $750M fund

• Technology venture investor聽聽is seeking to raise up to $750 million for its latest fund, according to a securities filing. The planned fund, which would be Boulder-based Foundry鈥檚 largest ever, is the latest in a long list of new聽supergiant venture investment vehicles.

Early exits may offer higher returns

• A 红桃视频 News analysis of exit outcomes for seed- and venture-backed companies finds that the earlier a startup is acquired in the funding cycle, the more likely it will deliver larger multiples on invested capital. The data also showed that return multiples have leveled off in recent years.

• 厂迟辞肠办丑辞濒尘-产补蝉别诲听, a provider of point-of-sale payment tools, is seeking to raise about $227 million in an IPO that would value the eight-year-old company at around $1.1 billion.

• , a Silicon Valley startup developing analytics tools for corporate data, reportedly raised $145 million in a new round that values the company at over $1 billion. Backers include Sapphire Ventures, Lightspeed VenturePartners, Khosla Ventures, General Catalyst, and the Australian Government Future Fund.

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