Huya, a livestreaming subsidiary of China-based online video streaming platform YY, has secured $75m in a series A round led by insurance firm Ping An Insurance.
Banyan Partners, Engage Capital and Morningside Ventures also took part in the round, along with YY chairman David Xueling Li and Huya CEO Rongjie Dong. Ping An invested through its China Ping An Insurance Overseas (Holdings) vehicle.
Huya was launched in 2014 and operates as a livestreaming platform that mostly focuses on gaming, though it does have channels concentrating on other arts and entertainment-based areas.
The platform consists of more than 300 separate channels and it has more than 32.5 million active users, 2 million of which are paid subscribers, according to a report in AllChinaTech last week.
The valuation of Huya was not disclosed in the press release announcing the series A round but YY will retain a majority stake in Huya after the round has closed.