China-based online video streaming platform Panda TV has picked up RMB360m ($54m) in a series A round led by LeCloud, the cloud computing subsidiary of internet group LeEco, China Money Network reported today.
LeCloud reportedly obtained a 15% stake in return for its investment. Other investors in the round have not been named and neither Panda TV nor LeEco have confirmed the deal.
Panda TV operates an online platform that is initially focusing on the livestreaming of video games. It is ranked as the seventh largest such offering in China, according to local media reports.
The investment may lead to a collaboration that will let Panda TV tap into the content delivery network (CDN) currently being set up by LeCloud across 60 countries. A CDN is a globally distributed grid of servers that host and deliver content such as media and software.
Panda TV previously secured RMB20m in seed funding from undisclosed investors at the time of its incorporation in July 2015, two months before the platform was launched.