(Yicai Global) Sept. 7 -- Wisdom Bear has obtained USD2.27 million (CNY15 million) funding from angel-round financing.
The investor Shanghai Puchang Equity Investment Fund now holds 30 percent of its shares.
The proceeds will go toward building Wisdom Bear's team, promoting its brand, and constructing its future industrial chains. Puchang Fund will provide the company with film and television investment institution resources, PEdaily.cn reported Sept. 6.
Founded in 2015, Wisdom Bear is a supplier of digital media marketing services, which has now embarked into the film and television production, public relations, brand design and art agency fields, forming a strategic business pattern with its core competitiveness lying in internet video making.
Wisdom Bear will release its thriller titled Qiye Inn on Chinese video website iqiyi.com next year -- its first online movie. Its two new films titled Come Here After School! and Mobile Units will also appear sequentially.
The value of China's online movie market will reach USD1 billion, iqiyi.com data show. By last year's end, 6,600 movies have debuted on the internet, including 3,100 online movies with over 15 billion visits. Also, along with the rise of the pay-per-view model, with the explosion of content as intellectual property and the integration of culture and entertainment industrial chains, online TV dramas are winning investors' favor. Last year logged a total of 89.2 billion views of online TV dramas, triple the number for 2014.
Online movies are those filmed by private persons that last for over 60 minutes, with considerable quality and the structure and content of a complete film. These online movies must conform to relevant laws and regulations in China, with the internet as their first release platform. Such films can also appear in movie theaters if they are consonant with state policy.