Bytedance, the operator of China’s largest artificial intelligence-driven content platform Toutiao, is investing $50 million in a Series B financing round of Live.me Inc, according to a statement on Wednesday.
As a unit of Chinese mobile internet giant Cheetah Mobile Inc, Live.me is a popular live streaming platform among young adults in the United States with an aggressive growth in both user base and revenue contribution.
Along with the investment, Live.me will also have priority to provide live streaming services to Bytedance in overseas markets once it starts to integrate the features into its products.
Cheetah Mobile’s chief executive officer Sheng Fu said, “Bytedance’s investment will accelerate the growth of Live.me’s video and short video businesses.”
Bytedance, founded in 2012, owns a series of content platforms including Toutiao, Topbuzz, Flipagram and other UGC short-form video apps. It plans to make Toutiao a global content and technology conglomerate after Toutiao raised $3 billion in April for its global expansion and posted the valuation of $20 billion.
In 2016, Bytedance established an AI Lab to build on the company’s massive data sets to drive innovation in artificial intelligence technology.