China’s Tudou scores $57 mil in financing

China’s top video-sharing site, Tudou.com, announced $57 million in new financing Monday, confirming rumors previously circulating online.

Investors include IDG, Granite Global Ventures and General Catalyst, all of which have invested in the company before.

Previous funding rounds raised $500,000, $8.5 million, and $19 million, respectively. The new investment totals $85 million, the company said, adding that the money will be used to increase bandwidth and add servers.

The investment comes a time when China’s video-sharing sites are under increasing regulatory pressure to conform to government censorship requirements. This month, Tudou joined a signed pledge promising the State Administration of Radio, Film and Television that it will use “self-discipline” to clean up the videos posted online by the users of its site.

Read full article at The Hollywood Reporter.