Sometimes billed as “the Korean YouTube,” PandoraTV has completed a second funding round of $10 million led by Silicon Valley-based DCM. Previous investors Altos Ventures, STIC International and Saehan Ventures also participated in the round. The funding will be used to support the company’s growth, expand its service offerings and finance the further build-out of its network infrastructure. PandoraTV also reported that David Chao, co-founder and general partner of DCM, has joined its board of directors.
The Seoul-based video sharing site was founded in October 2004. PandoraTV claims to have 12 million monthly uniques.
One aspect that differentiates PandoraTV from other video sharing sites is its concept of “personal TV stations” that allows users to post video clips, run their own TV shows, and even advertise products or services in each personal TV channel. Samsung Electronics and SK Telecom recently launched programming on PandoraTV’s viral service. Release
-- The financing comes at an interesting moment for Korea’s entertainment industry. The Hollywood Reporter notes that one aspect of a Free Trade Agreement signed with the U.S. lifts restrictions on the programming of foreign content, while another steps up pressure on South Korean internet service providers to protect intellectual property.