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Cheetah Mobile, the Chinese firm that specializes in utility apps for smartphones, has enlisted the help of outside investors for its live-streaming service.<\/p>\n
Cheetah announced<\/a> this week that its one-year-old Live.me<\/a> service has pulled in $60 million from a range of China-based investors that include\u00a0Matrix Partners China, Evolution Media China, Gobi Partners, IDG Capital and Welight Capital. Cheetah itself also took part\u00a0in the round. It said it retains a majority 70 percent share in the service\u00a0following the deal.<\/p>\n Beijing-based Cheetah, which is listed on the NYSE, is best known for utility apps<\/a>\u00a0such as Clean Master, Battery Doctor and Speed Booster. Overall, Cheetah claims more than 620 million monthly users of its 20-plus services, with around 80 percent of that figure located outside of China.<\/p>\n Live.me, its take on China\u2019s red hot mobile streaming space<\/a>, is adapting a similar international-focused approach.\u00a0Sheng Fu, Cheetah\u2019s CEO, said the firm will invest in technology and operations to grow the service in the U.S. and other international markets.<\/p>\n \u201cLive.me has demonstrated a track record of strong growth in user number, user engagement\u00a0and number of paying users, particularly in the U.S. market,\u201d he said in a statement.\u00a0\u201cWe will have more resources to build\u00a0Live.me into a global social community through partnering with top financial institutions.\u201d<\/p>\n This isn\u2019t the first time that Cheetah, which makes its money via advertising and distribution deals, has ventured into media. It bought France-based News Republic<\/a>, a news aggregator service, for over $60 million last year.<\/p>\n