China-based karaoke machine producer Thunder Stone Technology has raised RMB200m ($29m) in series B funding from investors including electronics manufacturer Beijing Yue Meters Technology, China Money Network reported today.
The round was led by investment group China Minsheng, according to a company statement cited by China Money Network, and included venture capital firm Morningside Venture Capital.
Thunder Stone supplies cloud-connected video karaoke systems, for which Yue Meters manufactures the keyboards, that are licensed by karaoke room operators. It also develops audio equipment such as amplifiers, speakers and wireless microphones.
The company launched a range of private karaoke booths in 2017 under the Wow House brand, allowing users to record songs in the booths, which are installed in public spaces, and upload the video footage to their smartphones where they can share it with friends.
The series B funding will support product development and expansion in addition to the growth of the music library to which the systems have access. Thunder Stone has not disclosed details of earlier funding.
– Photo courtesy of Thunder Stone Technology Ltd.