Ustream continues its international expansion, announcing on Tuesday an agreement with KT Corp. for the telecoms provider to invest an additional $10 million in the live streaming service to launch Ustream Korea as part of the company’s joint venture for Ustream Asia with Softbank Corp. in Japan.
This additional investment brings the company’s total funding to $98.7 million and will go toward launching the Korean service and opening a Seoul office in 2012, among other purposes.
Founder John Ham announced the deal on the Ustream blog. “We are excited to continue to march toward our vision of bringing the Ustream service to Asia in a steadfast and unwavering manner over a long period of time,” he wrote. “We thank our wonderful users and look forward to growing the Ustream service in Korea.”
In addition to Softbank, Ustream has received funding from DCM, Western Technology Investors, Band of Angels Fund and Infinity Venture Partners.
Ustream blog – http://tinyurl.com/3sdolxmTAKA@P.P.R.S, used under Creative Commons license