Yixia Technology, Chinese company that makes short-video mobile app MiaoPai and other similar apps has raised $200 million in Series D round of funding led by Weibo Corp along with the participation of Sequoia Capital, South Korean entertainment firm YG Entertainment and others.
Founded in 2013, MiaoPai offers a platform allowing users to take 10-second videos and share them on social networks like Tencent Holdings Limited’s Wechat app. Currently, it has more than one million videos uploaded daily and daily video view of 510 million. It received angel investments from Morningside Venture. It received several millions series A funding from Redpoint Ventures and $25 million in series B round of funding led by Sina along with others.
Weibo plans to partner with Yixia Tech on two new projects. The first is a new video product that will launch in the near future and other one is a $100 million fund for Miao Pi video contributors that will focus on traffic growth, co-branding and advertising revenue share.
With the new funding round, the company’s value has hit $1 billion. However, it is still vague regarding Weibo’s stake in the company further to this funding round.