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 claims it was ranked first under the social app category on Google Play and among the top three on the App Store in January 2017.
With the latest financing round, Live.me plans to build a global social community while partnering with top financial institutions. The company will continue to invest in research and development, and further improve its overseas operations.
Cheetah Mobile was established in 2010 through the merger of Kingsoft Security and Conew Image. The Beijing-based company is a major Internet security software provider in China.
Cheetah Mobile publishes several popular utility apps including Clean Master, CM Security and Battery Doctor, with around 623 million mobile monthly active users globally as of December 2016. Approximately 81% of its users were located outside of China.