China?s Top Mobile Ad Network, I-Media, Picks Up $20M From Kleiner Perkins, IDG

China is currently the largest mobile market in the world, and that is having a knock on effect on mobile investments into startups in the country: I-Media, a mobile ad network that claims to be China's largest with projected 2012 revenues of RMB 300 million ($47 million), today formally announced that it has picked up a $20 million Series B round of funding led by Kleiner Perkins Caufield Byers with participation from previous investor IDG. To date, it's raised $30 million. I-Media's CEO Shu Yi had actually noted the investment back in April but didn't provide more details about investors or strategy at the time. Today, I-Media said it will be using the funding to grow its activities in the Chinese market as well as expanding further into other markets in Asia: the focus will be on more products, better ad serving technology and getting a larger base of buyers and sellers for its network, which runs across mobile apps as well as mobile websites. Given how rapidly the Chinese market is growing, and the need to move quickly accordingly, that could also mean I-Media making acquisitions and consolidation of further mobile ad players.

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