Xinai Sport Media Technology, the operator of China-based online video streaming platform iQiyi’s sports streaming app, has raised RMB500m ($73m) in series A funding, The Paper reported yesterday.
The round was led by venture capital group IDG Capital and included private equity firm Huiying Borun. It reportedly valued Xinai at $439m.
Media-focused investment platform Chinese Culture Group is said to be considering a $44m investment in Xinai. That deal was not confirmed, but Xinai chief executive Yu Lingxiao said the company is in talks with several additional investors.
Xinai was formed on Monday by iQiyi and Super Sports Media, the sport-focused subsidiary of entertainment provider DDMC. As part of that deal, Super Sports Media changed the name of its existing mobile app to iQiyi Sports.
The platform offers livestreamed access to coverage of sporting events, particularly football, tennis and golf, through existing agreements signed by iQiyi and Super Sports Media with the English Premier League, UEFA, the Australian Open, ATP Tour and WTA Tour.
Yu, who is also president of Super Sports Media, said on Monday: “iQiyi is a clear leader in the Chinese online video market, having established a strong brand name and won the favour of countless viewers through their extremely popular original variety shows and online dramas.
“Combining premium sports content from both companies along with Super Sports Media’s years of experience in online sports coverage and iQiyi’s user base numbering in the hundreds of millions, I am confident our new partnership will provide users with best in sports content and a greatly improved viewing experience.”