LeTV invests 100m yuan in TV app development

Chinese online video site LeTV is joining with Innovation Works and Shenzhen Capital Group to establish the ‘Kaiping Fund’ (literally ‘Screen-On Fund’), which will invest up to 100 million yuan in promising projects over the next three years, according to Yang Yongqiang, LeTV chief technical officer.

The fund will focus chiefly on smart TV applications, including home entertainment and gaming, video, social, and educational apps.

The new fund will invest in projects through a combination of loan equity investments, partial purchases of shares, total acquisitions, and rolling investments.

LeTV launched a complimentary set-top box, in July of last year, for users to watch streaming content on the big screen TV. The TV box is HD enabled and Android based with its own app store.

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