Hong Kong - CTS Media, a Hong Kong-based provider of in-stream video advertising technology and services, announced on Wednesday that it has raised $8 million in its second round of venture capital financing, led by Disney's Steamboat Ventures.

Other investors included Draper Fisher Jurvetson and Sequoia Capital China.

Founded in 2006, CTS Media serves in-stream video ads for customers including BesTV, China's largest IPTV operator.

The company will use the new funds to accelerate growth and expand its service to a wider range of Internet video content providers, broadcasters, advertisers and consumers.

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