We reported last month that China-based photo app firm Kuaishou is gearing up for an IPO inside the U.S. later this yr. Properly the company, which moreover presents live-streaming video in its service, has stopped to refuel its tanks first after it raised $350 million in current funding led by Chinese language language internet large Tencent.
Tencent, Asia’s highest valued tech agency, confirmed to TechCrunch that it led the financing as a model new investor. It didn’t, however, disclose whether or not or not current backers — which embody Baidu, Sequoia and DCM — moreover participated inside the spherical, which was first reported by Bloomberg. In our earlier report we said the company’s valuation had reached $three billion, nonetheless neither it nor its consumers are commenting on that decide.
Kuaishou was based mostly in 2011 and it began life as a trip spot for image sharing on cell. That side of its enterprise has picked up 400 million clients nonetheless, like other Chinese tech firms and even Western image apps like Instagram, it has ventured into live-streaming with some success. Kuaishou claims to have reached 50 million on daily basis clients, with 5 million motion pictures uploaded to its service on daily basis.
Following the funding, Kuaishou said it could work with Tencent and Baidu on product, tech and distribution. It plans to utilize the capital to spend cash on artificial intelligence and completely different R&D to extra develop its product.
Whereas it doesn’t compete straight with Snapchat or Instagram in China — Kuaishou does provide an international product — its key dwelling rivals embody Miaopai, backed by Twitter-like company Weibo, and relationship service Momo, which is gaining some serious steam with its live-streaming product.