Singapore-based social video livestreaming platform Bigo has raised $272m in a series D round led by video-based social media service YY, Tech in Asia reported yesterday.
David Li, chief executive of Bigo, also participated in the round. Li is also founder and acting chief executive of YY.
Founded in 2015, Bigo runs a range of streaming apps that include flagship product Bigo Live, a livestreaming platform for users to broadcast videos live to their followers. Its apps also include mobile gaming-focused streaming service CubeTV and video editing tool Like.
YY has become the largest single shareholder through its investment and has secured an option to acquire a majority stake a year after the series D round closes.
Bigo has increasingly focused on artificial intelligence (AI), using it to weed out sexually suggestive content and launching an AI research centre with plans to hire 100 engineers. Bigo is partnering governments to use its monitoring tools for cyber surveillance.
Bigo previously closed a series C round of undisclosed size featuring insurance firm Ping An’s asset management arm Ping An Overseas Holdings that brought the company’s total funding to $180m in March 2017.
Details about Bigo’s earlier funding are unclear. YY owned a 27.8% stake as of 2014, though it is unknown whether that came as part of an investment or through another deal involving Li.
Existing shareholders also include Bertelsmann Asia Invesmtents, a local corporate venturing subsidiary of media conglomerate Bertelsmann, Morningstar Capital and Gao Rong Capital.