China mobile communication app Chubao raises $100m
Shanghai-based mobile communication app developer Chubao Technology has completed a $100 million Series D round co-led by CCB International, an investment unit of China Construction Bank, and China PE firm HG Capital.
Existing investors including Sequoia Capital China, Qiming Venture Partners, and SIG Asia also participated. The new capital will be used to develop the technology and enhance the company’s R&D capability. Chubao plans to improve its core products, as well as develop speech recognition technology.
Founded nine years ago and staffed by more than 400 employees with almost 70% of them engaged in technology R&D, Chubao aims to improve the usability of the mobile phone through its innovative software designs. It has also set up a research center in Silicon Valley.
The company has two flagship products: Chubao Input and Chubao Dial. Chubao Input, now available in 158 countries, is a keyboard app, which allows users to type in over 120 languages and include emotion icons in their messages. Chubao Dial was launched in 2014 and helps Chinese users filter incoming cold calls from insurance companies or banks. With over 500 million users, the Dial app also provides a phone book of over 10 million local merchants’ phone numbers.
Purple Sky, previously known as Shanghai Buttonwood Capital, provided seed capital to Chubao in 2009, according to AVCJ Research. The company then raised a $5 million Series A round from Qiming in 2010 and a $10 million Series B round led by Qualcomm Ventures in 2011, followed by a $65 million Series C round from Sequoia in 2014.
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