(Yicai Global) Nov. 22 – Xuanyixia Technology Co., makers of a short-video sharing app and mobile video technology service provider has secured USD500 million in its fifth round of financing, with investors including Sina Weibo, Phoenix Investment, Shangcheng Capital and iDreamSky.
This round of financing has brought the valuation of Xuanyixia Technology Co. to USD3 billion.
The company's founder and CEO Han Kun also announced the launch of its strategic cooperation with Dragon TV at the press conference. Popular television and movie actress Zhao Liying will serve as the company's vice president.
Xuanyixia Technology has continuously expanded its stable of celebrities in recent years, including actor Huang Xiaoming, Cloud Atlas actress Zhou Xun and Cherrie Ying, a Taiwanese actress who joined the company when it was initially launched. Former child star Jia Nailiang became its chief creative officer in May this year.
Xuanyixia Technology was set up in Aug. 2011 and has three products including Miaopai, Xiaokaxiu and Yizhibo, apps similar to the now-defunct Vine, which allowed users to make short videos.
The company announced last November it had completed its fourth round of financing led by Sina Weibo, raising USD200 million.
Dragon TV is a satellite TV channel owned by Shanghai Media Group, which Yicai Global is also affiliated to.