Panda TV, a China-based video streaming platform backed by cloud computing firm LeCloud and internet security software producer Qihoo 360, is set to declare bankruptcy, Sina News has reported.
Founded in 2015, Panda TV operates an online platform that enables users to broadcast and stream live video content such as video games and eSports.
The company has been trying to source financing from five investors over the past two years, but after failing to secure funding it has been left with no choice but to close its business, chief operating officer Juyuan Zhang said in an internal letter seen by Sina.
Brokerage firm Industrial securities led a $140m series B round for the company in May 2017 that included commitments from Bright Stone Investment Management, Hanfor Capital Management and Lighthouse Capital Group.
The round came after Qihoo 360 purchased an undisclosed stake in Panda TV for an undisclosed sum in 2016, three months after the company raised $54m in its series A round led by LeCloud, a subsidiary of internet group LeEco. The corporate took a reported 15% stake, participating with unnamed additional investors.
Panda TV had previously raised approximately $3.2m in seed capital from undisclosed backers prior to its launch the year before.