Bytedance Ltd Gives US $50 Million as Its Series B Financing for Cheetah Mobile’s Live.me Inc, Apart From Announcing a Merger With Musical.ly
Cheetah Mobile Inc., a mobile internet company that aims to provide leading apps for mobile users worldwide, announced that their live streaming service Live.me Inc. has entered into a definitive agreement to raise US$50 million from Bytedance Ltd. as its Series B financing. In addition, Live.me will have priority to provide live streaming services to Bytedance in overseas markets should Bytedance start to integrate live streaming features into its products in these markets. This transaction is subject to certain closing conditions.
“We are delighted to welcome Bytedance as a strategic partner for our fast-growing, live streaming business. Live.me has become a popular live streaming platform among American young adults, with a track record of strong growth in both user base and revenue contribution. Bytedance’s investment will accelerate the growth of Live.me’s live video and short video businesses,” Sheng Fu, Cheetah Mobile’s Chief Executive Officer, stated.
Also, Bytedance Ltd. and Musical.ly have signed an agreement for Musical.ly to merge with Bytedance. Musical.ly is a popular social entertainment app in the United States. Bytedance operates a range of content platforms that enable people to connect with, consume, and create content through machine learning technology.
Cheetah Mobile is an early investor of Musical.ly and held approximately 17.4% of equity interest in Musical.ly on a fully diluted and as-converted basis as of December 31, 2016.
Cheetah Mobile is a leading mobile internet company. It aims to provide leading apps for mobile users worldwide and connect users with personalized content on the mobile platform. Cheetah Mobile’s products, including its popular utility applications Clean Master, Security Master and Battery Doctor, help make users’ mobile internet experience smarter, speedier, and safer. Leveraging the success of its utility applications, Cheetah Mobile has launched its line of mobile content-driven applications.
Bytedance was founded in 2012 and its flagship product, Toutiao, is the largest AI-powered content platform in China. Bytedance owns a series of content platforms that enable people to connect with, consume, and create content through machine learning technology.