Lizhi.fm, the China-based developer of an online radio and podcasting app, has secured $20m in a series C round backed by smartphone maker Xiaomi, China Money Network reported on Friday.
Venture capital firms Shunwei Capital, Matrix Partners and Morningside Ventures also participated in the round.
Matrix and Morningside previously invested in Lizhi’s $10m series B round in 2011. The company also raised an undisclosed amount of series A funding from Matrix in 2010.
Lizhi’s app works both as an online radio listening service and a platform for users to upload their own audio clips. It has more than 20 million users and some 600,000 radio hosts and podcasters.