China-based video conferencing technology developer XYLink has received several hundred millions of renminbi (RMB100m = $14.8m) in series C financing from internet group Tencent, China Money Network has reported.
Founded in 2015, XYLink has created a cloud-based software platform that facilitates face-to-face communication between multiple people through electronic devices. In addition to video conferencing, it also offers services such as telemedicine and remote finance in addition to video hardware terminal equipment.
The company’s cloud video services have been utilised by more than 2 million users, serving small and medium-sized enterprises in sectors such as finance, education and healthcare, as well as government bodies. The funding will go to product development and cultivating brand awareness.
XYLink secured approximately $18.6m in a March 2017 series B round that was co-led by ZhenFund and Zhen Cheng Capital, and which included Sinovation Ventures, Lightspeed China Partners and Chengwei Capital. It had previously an undisclosed amount of series A funding the month before, according to China Money Network.