Bytedance, the operator of online news provider Toutiao, has agreed to provide $50m of series B financing for Live.me, a China-based video streaming platform.
Live.me, which was spun out of of mobile internet company Cheetah Mobile, is a mobile platform that enables users to broadcast live video that can be overlaid with augmented reality stickers.
The company has recently been the subject of controversy after news reports linked it to cyberbullying and the grooming of children.
Live.me raised $60m from Cheetah Mobile, Evolution Media China, which forms part of corporate-backed joint media venture Evolution Media, Matrix Partners China, Gobi Partners, Welight Capital and IDG Capital in May 2017.
Cheetah Mobile held a 70% stake in Live.me prior to the series B round. Bytedance’s investment is part of a broader partnership with Cheetah Mobile, and was made alongside its acquisition of Cheetah-backed social video platform Musical.ly.
Sheng Fu, chief executive of Cheetah Mobile, said: “We are delighted to welcome Bytedance as a strategic partner for our fast-growing, live streaming business.
Live.me has become a popular live streaming platform among American young adults, with a track record of strong growth in both user base and revenue contribution. Bytedance’s investment will accelerate the growth of Live.me’s live video and short video businesses.”