(Yicai Global) Jan. 11 -- 4K Garden Co., a streaming partner of tech giants Alibaba Group Holding Ltd and Sony Corp., aims to use new funding to establish itself as China's 4K-resolution version of US streaming giant Netflix Inc, online media outlet 36kr cited the firm's founder Wu Yi as saying.
Beijing-based 4K Garden has secured CNY70 million (USD 10.77 million) in its latest round of funding and will upgrade its systems this year to achieve customized 4K production across filming, editing and rendering operations, as well as expand its overall content library.
The firm, China's largest super high-definition video content platform, is set to break-even this year for the first time. 4K Garden mainly derives revenues from copyright operations, program production and content marketing.
Technology Financial Group led this A+ round of financing with support from Zheshang Venture Capital Co. The streamer will also bring in will new skilled professionals this year.
The company creates its own content at a 600-square-meter studio in Beijing and expects to open a new 1,600-square-meter production facility in May this year.
4K Garden also owns a super-HD live streaming truck, which it bought from Sony in late 2016. The vehicle, named May Flower, has broadcasted more than 50 music concerts. The firm plans to introduce live streaming in cinemas in the future, allowing users to watch concerts on the silver screen.
4K Garden also established China's first domestic 4K television channel last month.