Bytedance invests $50m in Cheetah Mobile’s streaming platform Live.me

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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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.