Japan-based media group Softbank has invested $250m for a 35% stake in Synacast, which is also known as PPLive and is China’s largest online television service streaming both live and video-on-demand content aggregated from 120 stations.
Synacast’s PPTV has 200 million users across China. Softbank said the capital alliance and the joint business development would offer internet video services to any internet enabled devices, including personal computer, television and mobile.
Vincent Tao, chief executive of PPLive, which launched in late 2004, said: "Online video is perhaps the largest industry disruption for the TMT [technology, media and telecoms] sector in the next five to 10 years. Softbank is looking for a company who can not only win in China but also can be scaled to the other markets."
Synacast raised $15m in its series C round in December 2009 and a $21m B round in 2007 from venture capital firms SAIF Partners, Draper Fisher Jurvetson, DFJ DragonFund and BlueRun Ventures, which spun out from phone maker Nokia in 2005 but retains its former parent as an investor in its funds.