A $70M Series C funding round for Agora (a developer of cloud communication APIs) was closed on Tuesday. The company aims to develop new products for the upcoming markets and verticals.
The final round of the funding process was led by Coatue Management which was followed by other investors like Shunwei Capital, Morningside Capital, and SIG. The two venture capitalists, i.e. Morningside and Shunwei Capital entered the funding rounds lately, which made Agora’s total collection so far to $125M.
In order to accomplish its growth goals, Agora is raising capitals at a relatively fast pace. Last time, the company announced its funding five months ago, where it managed to raise about $30M (series B), closing the funding round at $50M.
Founded by Toni Zhao (former CTO of Chinese live-streaming video platform YY) in 2014, the company is quite a new player to a market which has competitors like Tokbox and Twilio. Agora’s headquarter is located in the US and it has offices in Shanghai.
Agora produces SDK (Software Development Kit), helping the developers to insert their apps voice, video, and a group calling along with interactive broadcasting features. In the recent time, the company has added new SDKs specifically made for Facebook’s React Native Network and game developers.
Companies like Xiaomi, Hike Messenger, The Meet Group, and Momo utilizes Agora’s APIs to customize their apps with features like video and voice calling and many broadcasting features as well.