Kuaishou, a China-based photo app seeking a U.S. IPO this year, recently completed a round of funding which raised $350 million and was led by Chinese Internet giant Tencent (TCTZF)

Tencent, Asia's highest valued company, affirmed to TechCrunch that it drove the financing as a new investor.

Kuaishou was founded in 2011 and it began as a destination for photo sharing on mobile. That side of its business has picked up 400 million users.