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Ku6 Announces Second Round Investment
Beijing-based online video site Ku6.com has closed second round funding of tens of millions of dollars from UMC Capital, SBI, ITOCHU, Hotung Group and existing investors Draper Fisher Jurvetson (DFJ) and DT Capital Partners, reports 163.com quoting Ku6.com CEO Li Shanyou. The new capital will be spent on basic facilities, market promotion, and technology research and development, reports TechWeb quoting Li. According to the chief executive officer, Ku6.com is planning to acquire other companies in order to expand its existing channels. Though Li refused to disclose a specific amount, previous rumors pegged the second round at $35 million. Ku6.com received financing of $10 million from investors including Baidu (Nasdaq: BIDU), DFJ and DT Capital in May, 2007.
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