Chinese mobile Internet company Cheetah Mobile Inc. says its live video streaming mobile platform Live.me Inc. has raised US$60 million from a group of investors including Matrix Partners China, Evolution Media China, Gobi Partners, IDG Capital and Welight Capital.
Cheetah Mobile also participated in the round, and will see its shareholding diluted to around 70% from 90%.
"Live.me recently reached its first anniversary, and this round of financing is the best birthday gift," said Sheng Fu, Cheetah Mobile's chief executive officer. "Since its launch, Live.me has demonstrated a track record of strong growth in user number, user engagement and number of paying users, particularly in the U.S. market."
Live.me, which was launched by Cheetah Mobile last year, is currently a popular social media app among youth in the U.S. The company claim...
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