ByteDance, the app factory behind the global phenomenon TikTok, has bought a 22.48% stake in Beijing-based cloud video conferencing system provider HexMeet, 36Kr reported on Tuesday. The deal’s financial details have not been made public.
Xiang Yan, co-founder and vice general manager of HexMeet, which was set up in 2016, told 36Kr that ByteDance’s strategic investment in the firm not only replenishes its capital, but also brings a strong endorsement to its brand. He explained that a well-known shareholder backing the video conferencing system supplier could be a decisive factor for a corporation or governmental organ to adopt its products and services.
Xiang said that HexMeet targets companies that already utilize video conference systems but are in need of better services or upgrades from data center-based systems to cloud-based systems. He added that its Software-as-a-Service products have gained more than 100 companies as clients. HexMeet is also working on customizing video conferencing services for companies in industries such as education and medical care.
HexMeet began to offer three-month free trials for their cloud video conferencing services after Zoom was blocked in China in early September, according to an announcement posted the Chinese company’s WeChat public account.
36Kr is KrASIA’s parent company.