Govt. approved video website gets $30 million in funding

Earlier this week, Danwei reported that the government agency SARFT has given formal approval to 247 video websites and Internet video operators, but had pointedly excluded the three biggest such sites.

Yesterday, news broke that one of the recipients of SARFT received 30 million US dollars in funding. From Pacific Epoch:

Ku6.com Receives $30 Million In Series C Funding

Beijing-based online video site Ku6.com has received Series C investment of more than $30 million, a Ku6 advertising and business partnership department employee told Pacific Epoch on Thursday. The employee said details regarding the deal would be disclosed next week. A Ku6 employee previously told Pacific Epoch that it received an investment from existing investors in April. Ku6.com received Series A funding of $10 million from investors including Baidu, Draper Fisher Jurvetson and DT Capital Partners in May, 2007.

There's more about a less fortunate video site that has been shut down for the last two weeks on Kaiser Kuo's Ogilvy: A funeral dirge for 56.com.