Chinese Internet television firm UUSee has raised US$23.5 million in new financing.
Draper Fisher Jurvetson Growth Fund and Highland Capital Partners led the round, with Steamboat Ventures joining as a new investor and additional participation from existing investors Sequoia Capital China and SIG. In conjunction with the financing, Barry Schuler of DFJ Growth Fund and Dan Nova of Highland Capital have joined UUSee's Board of Directors.
"This financing represents a further endorsement in our progress to date and the very large market opportunity that has emerged for broadband media in China," stated Zhu Li, CEO and co-founder of UUSee. "DFJ Growth Fund, Highland Capital and Steamboat Ventures are top-tier firms that have relevant expertise, relationships and capital to help us achieve further growth and expand our leadership in the market."
Through its exclusive partnerships with leading Chinese content providers and distributors such as CCTV, Beijing TV and CSAT, UUSee provides its audience with a vast library of licensed content including popular television programming, news programs, drama series, sports and movies. The company has also partnered with SMG to deliver live Internet broadcasts of world-class premium sports events. UUSee broadcasts nearly 60 channels of live TV programming and 350 channels of commercial video content, along with video-on-demand features, downloading services to mobile devices, and specialized services for Internet cafe users. In addition, approximately 25 regional broadband portals from China Telecom and China NetCom have partnered with UUSee to offer this broadband video programming to their users.
UUSee is working with television programmers and broadcasters to deliver their content with new interactive features, including voting, text-messaging and rich media advertising.