Chinese personalized news app Toutiao says that it has raised US$100 million in series C financing led by Sequoia Capital, according to media reports.
Sina’s Weibo also participated in the round, which valued the company at US$500 million.
The proceeds will be used on further developing intelligent learning technologies, and for product improvement.
Toutiao, which means “headlines” in Chinese, has over 40 million daily active users. It previously received undisclosed amount in series A and series B financing from Yuri Milner, founder of DST Global, and SIG China in 2012.
Launched in August 2012, Toutiao is an intelligent mobile app that gradually learns users’ preferences and then provide the most relevant news based on big data analysis.