Camera360 Raises US$18 Million in Series B Financing
CHENGDU, China, Aug. 27, 2013 /PRNewswire/ -- Camera360, one of the most popular mobile camera apps on the Android and iPhone, has raised US$18 million in its latest round of Series B financing. This new round of investment was led by SIG (Susquehanna International Group) China, with additional support from existing investors, Gobi Partners and Matrix Partners.
"This new round of capital will help to support the company's new product development and to expand management team capabilities," said Mr. Hao Xu, CEO of Camera360. "It will enable us to build on our core competencies in mobile camera and cloud management services."
Camera360 first debuted in 2010 on the Android platform and quickly won global recognition, including at the 2011 PCWorld Global Tech Forum and more recently at the 2013 Fortune Global Forum in Chengdu, China. Today, Camera360 has launched a total of nine different products, including the new Audio Camera application that debuted in June 2013. The Audio Camera feature records five seconds of audio before the shot is taken, and is meant to help users add to the "emotion and drama" captured by the photo.
Overall, Camera360 and its related products have received widespread support, with over 150 million users from around the world using its services today.
"It has always been the mission of Camera360 to provide its users with comprehensive mobile photography services, from photo taking to backup, storage, management, and sharing across different devices and platforms." added Mr. Xu.
With this new round of financing, monetization will also become a key strategic focus for the company. However, through premium service offerings, strategic partnerships, and limited advertising techniques, Camera360 is confident that it will be able to build a sustainable business while maintaining a similarly high level of user experience.
Camera360, owned by Chengdu Pinguo Technology Co., Ltd, is a globally leading photo application on iPhone and Android devices. Founded by a team with over 20 years of experience in digital image processing and research, the company is based in Chengdu, China and has already achieved global recognition, winning numerous awards, including at the 2011 PCWorld Global Tech Forum. Today, Camera360 boasts over 150 million users, with nearly half of its user base outside of China. The same creators of Camera360 have also launched Movie360, an award-winning video recording application, and cloud.camera360.com, a cloud-based service platform that allows users to upload, manage, and share photos and other multimedia.
SOURCE Chengdu Pinguo Technology Co., Ltd