http: // weibo.com/1640571365/zC CrN24KV

@ Overheating Reply @ Hua Li Dawei media : Great Wei Stop, we have ended this round of financing, 400 million 70 million valuation. @ Hua Li Dawei media : This pool valued more than sixty thousand! @ Overheating : Reply @ Southwest pretty : baby child Stop, hammer science and technology has up to 30 percent of the option pool, you inquire about several companies are so generous? @ Southwest pretty : hammer if successful, the maximum benefit is only a big brother, ah.
PS: how to evaluate Overheating? People say things do not say that people left Shui [NOTE: The following anonymous users answered very tricky. I was in the fundamental valuation analysis, he also joined the many specific analysis of the hammer, it is worth praise. ] A12b34c53fg3p7
- at 14:10 on June 28 update -

old law should be the A round of financing. On a Luo from unfamiliar street founder Tang Yan and other personal investor, where to get the financing, which is said to be a Poly (see comments under this answer, the message to be confirmed).

If A round, this number seems a lot, willing to pay the price of not more than professional investment institutions. A friend said that today professional investment institutions are no longer willing to invest cell phone hardware and software integration project (see comments under this Answer). This judgment, I very much agree.

So, my original answer was to analyze whether this valuation is possible. I will now summarize a little tinkering -


I think very difficult to have a professional investment institutions such valuation willing to vote money to hammer, but, given the hammer has successfully got the A round of financing, the following analysis is this may be reason to get the hammer valuation.
- the original answer (updated June 26 and Ri 18:50) -

For such a complex system-level software development plus manufacturing of hardware items, taking into account the valuation of millet soaring as the only reference, and then plus Luo character, if someone is willing to give in a round this number, it will not be too surprised me.

4.7 Yiyuan Ren Minbi valuation of about $ 76.6 million, if the post-money, this valuation is what concept?

Generally, the dilution ratio of financing Internet companies, A wheel in the 20% -30%, B round in 15% -25% are normal range. Higher than this range, the entrepreneur may quit unless he has a particular investor's help, or particular needs money; lower than this range, investors may quit unless entrepreneurs especially recognized or projected that the company will grow fast, after this village, no this shop. You see, this is actually a negotiation process is expected to control each other.

Therefore, if this is the A round, the case of the old law, I would estimate that the lower edge of the range, which is 20% of the way. If the old Luo financing virtuosity, there may be less than 20% but not less than 16% (as the dilution ratio B round millet reference was 16.4%, lower than the hammer is unlikely this ratio).

In this case, the valuation of $ 76.6 million, the actual amount of the financing is likely to be between $ 12 million 15 million. According to the old law hammer

current state of development, the valuation of this ratio, and the amount of financing, to be honest is more expensive. But, then again, if someone voted, it is understandable.

the one hand, in fact, a lot of VC lack of good projects, general projects and projects mediocre nobody voted, it means that a good project will be more expensive. Luo hammer count as a good project? To tell the truth, it may be considered. Millet has been (at least partially) proved that things can not become old Luo millet a small point? Who knows, but this possibility is in the. At least on the part of investors, it is worth a gamble. Even if such an investment, not many people, there is a presence of two, it is not surprising.

On the other hand, is supposed to be a little more expensive items. A round this number, can understand.

which items considered "is supposed to be a little expensive" mean? We have a high threshold, a large initial investment funds, and has already been proved that there is a lot of room for growth projects.

For example, do mobile phones.

on the phone to do this, Zhou Lei Jun to carry a big chair. Old Zhou clamored with 360 special for the machine to enter this market, but also every day pick Lei Jun, Lei Jun bullying will not quarrel, and now things have gone, the old Zhou himself with his failure proves that the phone will not be easy to do.

do mobile phones, the high threshold, exceeding the capacity of Zhou invincible.

room for growth be? Millet was established in the third year, the annual shipments of 7,000,000 units. What is this concept? Annual income of more than 100 billion yuan.

you give me a year to reach 10 billion annual revenue company to see?

do mobile phones, the threshold is high, the space is large, it is not the old law will be able to achieve the same growth in space? Not necessarily. But this does not prevent him to take the investment. As we all know that the future of social goods must have the space, but the future is not necessarily sing or unfamiliar street belonging to it? Not necessarily, but without prejudice to sing unfamiliar street and take investment and a reason.

take millet do reference, you know the old law, even if the valuation of 400 million 7, also can be used "cheap" for things.

hammer do first system in the future to do the hardware, which is what path it? This is the "cottage iPhone community where customers" - to play a mature industry chain advantages of Chinese manufacturing, and learn mode of operation and brand building iPhone software and hardware integration services, sales promotion and use of the Internet to buy something to make money .

I respect this way the child. This way the child, millet is considered proved out shy.

millet is currently the only commercially available can do to hammer valuation reference project. See millet financing history:
2010 Nian 12 Yue, A round of financing $ 41 million, after the investment valuation of $ 250 million, or $ 2.5 million accounted for 1% dilution of 16.4%.
2011 Nian 12 Yue, B round of financing $ 90 million, after the investment valuation of $ 1 billion, or $ 10 million accounted for 1%, 9% dilution.
2012 Nian Yue. 6, C round of financing $ 220 million, after the investment valuation of $ 4 billion, or $ 40 million accounted for 1% dilution of 5.5%.
(known on almost millet investors analyzed millet A round How is the valuation of $ 250 million.)

4.7 Yiyuan hammer valuation of $ 760,000 accounted for just 1%, the price of millet is A 1/3 round. This phase of the hammer, can match the end of 2010 was one-third of millet it? This thing, a matter of opinion.

Do not you see a certain investment themes fire, do not very good with the theme of the project can get a good price? I'm not saying do not very good hammer, but that price is the same in the field of the project can be brought up. And in the "cottage iPhone community where customers," this theme, in addition to millet, the players can see is a hammer. A round of investment

Anyway, basically, and "gambling" not too bad. "Gambling" color is very important, is that it is basically cast "probably" is expected to arrive a really good future prospects. The Series B investment companies, compared to A wheel, "gambling" color weaker, that is, investment company, investment not only that it "may" arrive for a better future, but also that it should be able to vote to do so. Even so, when the millet B round of investment still like to place a bet, take Qihoo 360 B wheel still obsessed with the search, then their investors, today and voted hammer investors, there is no essential difference .

hammer thing to do, but also the threshold, another space, the market price is only visible off than the big players are much cheaper. In line with these points, you can pay someone? I may not, I've heard a lot of people do not, but if anyone would, I think it is not "too" Surprisingly it.

I still have a lot of hammer see places. But this answer only relates to the valuation analysis, I can only express judgment on the law generally does not express my hammer judgment. I think the hammer price financing very difficult, and I know a lot of professional investment institutions face this price was hesitant, but then one or two are willing to spend the money, I do not agree, but I can understand.