Chinese smartphone manufacturer Xiaomi Corp. recently marked its foray into the drone market by unveiling its first drone -- called 'Mi Drone' -- at a glitzy press event held in mainland China on Wednesday.

The Xiaomi Mi Drone is a low-cost blocky quadcopter, equipped with a built-in camera that has the capability to shoot up to 4K video.

The camera of the Mi Drone will be a 12.4-megapixel, 360-degree, RAW-capable camera, featuring a 3-axis self-stabilizing gimble which will be capable of making up to 2,000 tilt corrections per second.

The remote of the Xiaomi Mi Drone will come with a dial for making adjustments to camera tilt; a dedicated shutter button; a button for the drone's take-off and landing; a built-in slot for smartphone; and antennas with up to 2km radio control range. In addition, the drone will have a 5,100mAh battery, which will give it a flying time of up to 27 minutes; and a range of 3km.

The Mi Drone is scheduled for shipping later this year, in two models --- a low-end, 1080p model; and a high-end model with 4K 30fps configuration. The cost of the 1080p model will be $380, while the 4K configuration will be priced at $450.