Asia watch, Jan. 8, 2007

Drug developer raises $10M

SunTen Phytotech Co. Ltd.

, a Taiwan-based botanical drug development company, has raised $10 million in Series B funding. Investors include PacLink Capital, Taiwan Global Biofund Venture and 3VS1 Venture Capital.

Online video sharing site secures $12M

Online video sharing and distribution platform company said last week that it raised $12 million in venture funding. Beijing, China-based Yoqoo said the funds came from Palo Alto, Calif. -based Sutter Hill Ventures, San Francisco-based Farallon Capital, and Shanghai-based Chengwei Ventures. is an Internet video sharing and distribution website in China for people to view, share and upload short videos. was founded by former Sohu President Victor Koo and launched its beta site in June 2006.

Cisco invests in China telecom company

China Communications Services Corp. Ltd., a provider of telecom support services in China, has received a $50 million strategic investment from Cisco Systems. CCS recently spun out from China Telecom.

RRE participates in SmartPay’s Series B

Shanghai SmartPay Jieyin Ltd.

(a.k.a. SmartPay), a China-based provider of electronic payment services, has raised $10 million in Series B funding. Return backers include RRE Ventures, Evolution Capital and Lunar Group Capital.

Google backs China Web company

Google Inc.

has purchased a stake in Shenzhen Xunlei Network Technology Ltd., a Shenzhen-based developer of systems that let Web surfers download videos, according to published reports. Terms of the deal were not disclosed. Google partnered with Ceyuan Ventures, a Shanghai-based venture capital firm, for the investment, according to the China Daily. Previous backers of the company include IDG Venture Capital and Morningside Asia Advisory Ltd.

The newspaper said that Google, which has about 16% the search engine market in China (behind Inc., which controls about 57%), is looking to expand its online video services in China. Google last year made a big splash in online video with its $1.65 billion purchase of