One Net Entertainment raises $20 million

IDGVC Partners and Infiniti Capital invest $20 million into Chinese mobile gaming company

As Smart phones become adopted globally, mobile gaming companies continue to make a killing.  Today, IDGVC Partners and Infiniti Capital have announced they’ve agreed to invest $20 million in TechFaith’s One Net Entertainment.

Based in Beijing, One Net Entertainment operates the Online PC and mobile gaming sites www.798uu.com and www.798game.com.  In June of this year, One Net plans to launch three massive multiplayer online role-playing games and 16 mobile gaming titles.

Defu Dong, CEO of TechFaith vaguely remarked on how the funding would be used, stating, “With this US$20 million investment, we expect to be able to execute on our growth strategy and pursue game development and publishing opportunities to even further accelerate One Net Entertainment's growth prospects."

The investment into One Net Entertainment comes in sync as Chinese carriers are currently testing 3G networks throughout 55 cities in the country.  China Unicom, one of China’s three operators, plans to expand the 55 city trial to a total of 284 cities by the end of September with 3G being formally launched by the end of this year.  3G networks allow for faster data downloads, which translates to more Online gaming opportunities like those we are seeing here in the US from companies like Zynga and Smule – which allow us to play with other users over networks – live.