Beijing Online Vid Tech Firm Wins $20m Series-B Funding

Beijing-based online video technology and operation services provider has obtained second-round financing of $20 million from Steamboat Ventures, IDG and Govtor Capital, reports. The capital will be directed towards recruitment as well as product development and marketing, company CEO Zhang Yuan said in the report.

The firm, established in 2005, received first-round financing of $3 million from IDG in 2008. Earlier reports said the company received second-round financing above RMB 100 million.