Chinese internet audio service provider Koala FM said on Tuesday that it had landed RMB 170 million (USD 26 million) in a new financing round.
Legend Capital led this financing round. The founder of Koala FM Yu Qingmu said that they will expand their layout in the Internet of Vehicles with this financing.
Koala FM went online on June 2013. It provides audio services on smartphones, computers and vehicles, including news, entertainment and music. It claims to have 160 million users at this pont. Koala FM is in cooperation with around 50 automobile brands, including Mercedes-Benz, BMW and Ford.
Koala FM’s parent company AutoRadio was invested in by BAI, Legend Capital and DCM, in its Series A financing in 2010.
China’s tech giants Baidu, Alibaba and Tencent have all set foot in the Internet of Vehicles, eyeing the profit and prospect in this field.
(Top photo from blog.sina.com.cn)