China-based live streaming platform Huajiao Live Video has picked up RMB300m ($45m) in series A funding from investors including security software developer Qihoo 360, China Money Network reported today.
The round was led by Zhongshoujian, a China state-owned entity about which no other details could be ascertained. Qihoo 360 provided $9m to the round.
Huajiao was incubated by Qihoo 360 and launched in July 2015. The company produces a mobile app for live video streaming and has also developed a platform to live stream virtual reality content.
Wu Yunsong, president of Huajiao Live Video, said: “Live video streaming is the next generation social networking platform after Weibo and Wechat. The industry will become an independent and self-sustaining ecosystem.”