Wednesday, June 13, 2007

Net firm ChinaCache lands US$31.5m overseas capital

"ChinaCache, a Beijing-based Internet content delivery network (CDN) operator, has secured $31.5 million from overseas investors such as Intel Capital and Ignition Partners, thanks to the rapid development of China's Internet industry.

Shanghai-based venture capital firm Qiming Venture Partners led the investment in ChinaCache. Six other investors such as Intel Capital, the investment arm of the world's leading chipmaker, also bought stakes.

Established in 1998, ChinaCache had secured $8.5 million in 2005 from venture investors to fund its growth.

"The rapid growth of video and audio contents on the Internet creates a huge demand for content delivery services in China," said Wang Song, ChinaCache's CEO."

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