Digital Media Group Company Limited, one of China's leading operators of digital media networks inside subway systems, announced that it has closed its Series B round of funding from four investors.
The round was led by Oak Investment Partners and included Sierra Ventures, NIF SMBC Ventures and Gobi Partners. Gobi, NTT DoCoMo and Dentsu participated in DMG's Series A round in early 2005.
"This international syndicate brings together some of the world's biggest and most experienced venture capital firms," said James Lim, Chief Executive Officer of DMG. "With this new capital injection, we will continue to upgrade and deliver the best services to the metro authorities and their passengers."
DMG says it pioneered the application of information technologies in out-of-home media and developed a patented PIDS (Passenger Information and Direction System) that can provide service information and entertainment to enhance the overall passenger experience within subway systems.
"We are excited to be working with DMG. The Company operates at the intersection of two mega-trends in China: massive subway construction and rapid growth in digital-out-of-home (DOOH) advertising," said Ren Riley, partner of Oak.
Headquartered in Shanghai, DMG installed China's first multimedia passenger information display system in the Shanghai subway in 2003. The system provides updated train and emergency information along with information and advertising to passengers, helping subway authorities to operate more effectively. DMG now has offices in Hong Kong, Shanghai, Beijing, Tianjin, Nanjing, Shenzhen and Chongqing. There are over 13,000 flat panel displays in DMG's network reaching more than 28 million people per week. The network is expected to double in two years
expanding to cities all around Asia.