PCCW OTT, a China-based operator of music and video streaming platforms, raised $110m yesterday from investors including Foxconn Ventures, the investment subsidiary of contract electronics manufacturer Foxconn.
The round also included Hony Capital, the private equity firm backed by conglomerate Legend Holdings, and Singapore state-owned investment firm Temasek. The three investors will hold a stake in the company worth approximately 18% between them.
PCCW OTT was launched by mass media corporation PCCW through its entertainment unit PCCW Media, which retains a majority stake in the company.
The company operates three over-the-top (online only) media and entertainment platforms, including Viu, a video streaming service that focuses on Asian content with local language subtitles which is available for streaming as quickly as four hours after its initial broadcast on television.
The two other platforms are Vuclip, which offers short video content, and a music streaming service called Moov. PCCW OTT owns a range of patents related to video streaming and encoding technologies to ensure users can consume content without waiting for it to buffer.
Hong Kong-headquartered PCCW OTT is looking to secure help from the three investors to expand in existing markets and into additional countries. The company also hopes to produce more original content.
Janice Lee, managing director of PCCW Media, said: “We are very excited to have Hony, Foxconn and Temasek join us as strategic shareholders.
“Bringing these reputable partners in the business will support our current plans and strengthen our leading position in the market with the introduction of more locally relevant and original content, and technology to support innovative product development – all of which are beneficial to our ecosystem comprised of users, advertisers and business partners.”
– The original version of this article appeared on our sister site, Global Government Venturing.