China-based media software company China Digital TV agreed on Friday to support a RMB 3bn ($484m) venture capital fund that will invest in startups developing technologies related to digital television..
Fund manager Shouutai Jinxin is the fund’s general partner. China Digital will commit $16.1m and real estate investor Shanghai Tongda Venture Capital will also act as a limited partner, providing $32.2m.
Founded in 2004, China Digital TV operates a cloud-based platform that enables broadcasters to offer games and interactive entertainment on TV sets, as well as making it possible for customers to consume content on their handheld devices.
Zengxiang Lu, acting chief executive of China Digital TV, said: “We believe the success of the fund will help to promote the business development of both our company and Tongda Venture going forward.”