UUSee gets investments of $23.5 million

A group of U.S. venture capital firms has invested close to $23.5 million in UUSee, a web service based in China specializing in delivering videos on the web.

The company distributes live and on-demand TV from CCTV which is the largest television broadcaster in the country. In addition, they also provide content from CSAT, China’s largest satellite TV company; and Beijing TV.

The investments have been made by Draper Fisher Jurvetson and Highland Capital Partners in addition to several other firms including Sequoia Capital and Susquehanna International Group.

The service has more than 36 million registered users. Dan Nova of Highland added in a statement: “It really is the country’s and the world’s largest Web TV operator.”

He added: “There’s no one leading Web TV operator here in the United States. In many ways I think China is a lot more advanced, when it comes to the organization and distribution of video content.”