Mobile news platform Toutiao has reportedly acquired China-based photo augmentation app developer Faceu for $300m, giving an exit to image modification platform Meitu, China Money Network reported today.
Faceu has created an app that uses augmented reality (AR) to add filters such as text, emojis or overlaid facial modifications to user’s selfies in real time, rather than requiring them to be edited afterwards.
The technology can also be used for video clips and chats, and Faceu had 250 million registered users as of October 2017, the majority of which are under 18 and female.
The company had raised an undisclosed amount from Meitu, Lightspeed China Partners and IDG Capital over multiple rounds when it added $50m in October 2017.
The investor(s) in the October round were not revealed, but China Money Network cited rumours suggesting Toutiao provided the money.
Toutiao and its owner Bytedance have made several strategic investments over the past year, following a $1bn series D round in April 2017, as they look to build up an ecosystem of media apps.
ByteDance invested $50m in livestreaming app Live.me in November 2017, the same month as Toutiao acquired Musical.ly for karaoke video streaming platform $800m. Toutiao had already acquired a similar app, Flipagram, in February 2017, and bought payment platform UIpay earlier this month.