China-based music app Echo has secured $30m in series C funding from movie and TV show production company Beijing Enlight Media, China Money Network reported on Wednesday.
The Echo app is developed by China-based internet company Kibey, though a regulatory filing suggests the funding was secured through Cayman Islands-based entity Coveredge. Enlight’s investment valued Echo at $150m.
Launched in 2014, Echo is a smartphone app that lets users listen to music that has 3D sound effects applied to it, creating the impression that listeners are surrounded by a band. The company claims the app has 13 million users.
Echo has not revealed details about previous funding rounds. Enlight’s investment comes just over a year after it launched a $163m fund to invest in China’s internet, entertainment, media, e-commerce and healthcare sectors.