Chinese Video Content Website, 56.com Raises $10 Million

56.com[1], a Chinese video start-up company has raised $10 million in funding from Steamboat Ventures.  Steamboat is the funding company subsidiary of The Wall Disney Company.  56.com will use the funding to upgrade hardware, add new features, and increase marketing efforts.  Steamboat Ventures previously invested in UUsee.com, a Chinese P2P video website.  The funding provided to 56.com and UUsee.com validates Steamboat’s interest in Chinese video companies.

Another interesting effort made by The Walt Disney Company is the efforts that they are making in video fingerprint.  Disney and YouTube are teaming up to develop tools that are used to identify certain attributes in video clips.  “The technology was built with the Disney’s and Time Warner’s in mind,” stated Chris Maxcy, a YouTube VP of Development.

[1] 56.com

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