Shanghai-based digital advertising solution provider Avazu Inc. has raised US$48 million in series A financing, according to Chinese media reports.
Gaorong Capital led the round. An undisclosed U.S.-based Internet-focused private equity fund and a group of unnamed Internet companies also participated.
The company says it will use the proceeds to accelerate research and development activities, and for potential acquisitions.
Founded in 2009, Avazu provides three types of marketing platforms: a real-time auction advertising exchange platform; a cross-platform advertising performance tracking system; and a private advertising exchange platform.
Avazu has offices in Beijing, Tokyo, and Amsterdam. It plans to open new offices in New York, Berlin, Seoul and London over the next three to six months.
Strategic partners of the company include Chinese and International Internet giants Tencent, Baidu, Google, Microsoft and Yahoo.
Founded in 2013, Gaorong Capital focuses on investments in the TMT (Technology, Media, and Telecom) sector. The firm has US$200 million under management, with commitments from Tencent, Alibaba and Focus Media.