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UUSee, a self-called YouTube and Joost combo for the Chinese TV market, has received additional funding to the tune of $23.5 million dollars. The financing is backed by Draper Fisher Jurvetson, Highland Capital Partners, Steamboat Ventures. Other firms on board include Sequoia Capital China and SIG.
"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."
From their release: UUSee is working with television programmers and broadcasters to deliver their content with new interactive features, including voting, text-messaging and rich media advertising. Brands can advertise on UUSee in multiple ways, using pre- and post-roll ads, banners and text ads, plus more innovative ad units such as picture-in-picture and interactive Flash.
Chinese company UUSee has announced that they have just passed the 30,000,000 (30 million) user mark. They also claim more than 3 million mobile users. The company is backed by Sequoia Capital. The company notes that they are a better combination of YouTube and Joost.
"China — and UUSee in particular — has taken the worldwide lead in P2P- based Internet TV services," said Li Zhu, CEO and co-founder, who until now has never spoken with Western media to discuss UUSee's technology and business model. "UUSee has been delivering P2P video for close to two years, with its content Chinese people worldwide rely on UUSee to stay connected to relevant broadcast news, sports and culture that once could only be viewed on televisions in China. Also, UUSee's technology is not limited to Chinese language programming, and so we look forward to forging relationships with communities and companies globally."
From their web site: UUSee broadcasts this content through more than 60 TV channels in real time, 350 customizable channels, video on demand, time-shifting, social features such as tagging and voting, mobile downloads available in all file formats — with both proprietary and third party DRM control. Brands advertise on UUSee in multiple ways, from pre- and post-roll, banner and text, to more innovative manners such as picture-in-picture and interactive Flash.