Bigo Technology raises $272 million in Series-D funding from YY Inc.

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Bigo Technology raises $272 million in Series-D funding from YY Inc.

MUMBAI: Singapore based global video-based social media platform Bigo Technology has raised $272 million in its series D round of investment by YY Inc., the biggest live streaming social media platform listed on NASDAQ. With this, YY Inc has become the largest shareholder in Bigo Tech, though the company did not disclose the stake picked.

A large part of the capital raised will be used to expand and grow the LIKE app with investments to be made in research and development to develop and hone artificial intelligence based technology.

To be sure, Bigo Tech has created several video-based global online communities such as Bigo LIVE, CubeTV, Hello Yo and Bigo LIKE for tech savvy young users across the world.

A stronger R&D platform will help the firm penetrate further globally, especially in India. India is a significant market for Bigo, especially for Bigo LIKE mobile app with more than 25 million users from the country, accounting for more than 50% of users globally.

“With the current funding we aim to strengthen our platform and increase our consumer reach. India is a significant market for us and we aim to expand and also hire great talents in technology space and also content creators. We have started Million Dollar Talent Hunt in India on LIKE to look for unique content creators,” said Aaron Wei, Global Vice President of LIKE.

BIGO technologies introduced the LIKE App, a short video editing and sharing platform in August 2017 which has 50 million users globally. In order to attract large number of young talents as well as expand in unique manner in India, Bigo LIKE recently announced Million Dollar Talent Hunt. This initiative enables budding talent to combine their skills with magical effects and showcase their talent to gain global fan following. With this investment, Bigo LIKE is looking to further strengthen mobile app’s features, offerings and develop AI technology to give users unmatched video making and sharing experience.

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