Cheetah Mobile said Live.me, its 90 per cent-owned subsidiary which operates a live video streaming chat app of the same name, raised $60 million worth of investment.
With the funds the app maker plans to continue to invest in research and development and improve operations in order to provide “the best user experience, better connect users with each other and enrich people’s social lives”.
The app’s download page says it helps users with similiar interests meet each other and sometimes also gets celebrities to conduct live broadcasts.
Its competitors include YouTube, Facebook Live, Twitter’s Periscope and Musical.ly’s Live.ly.
Sheng Fu, Cheetah Mobile’s CEO, said: “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.”
“We will have more resources to build Live.me into a global social community through partnering with top financial institutions,” he added.
More than 20 million users have signed up to the app, which recently turned a year old and produces 200,000 hours of daily content.
Investors included Matrix Partners China, Evolution Media China, Gobi Partners, IDG Capital and Welight Capital as well as Cheetah Mobile.
Upon completion of the transaction, Cheetah directly holds around 70 per cent equity interest in Live.me, and retains control over the business.