China's Search Leader Baidu Closes Financing

by Admin

17 Jun
 None    News

BEIJING, CHINA, June 15, 2004 --, Inc., a leading Internet search engine in mainland China, today announced that it has closed a strategic round of financing co-led by Draper Fisher Jurvetson ePlanet Ventures and Google Inc. Additional participants in the financing were current investors Integrity Partners and Peninsula Capital; and new investors Bridger Management, China Equity, China Value, and Venture TDF.

"Baidu is a leader for search in China and at the forefront of new technological innovations for search and related services," said Robin Li, Chief Executive Officer and Co-Founder of Baidu. "Today's announcement is a testimony to our strong growth and relentless execution in the Chinese market. With our new investor support, we plan to continue expanding our presence in China with additional services and extending our reach into new markets."

"Since its inception, Baidu has gained significant market share in mainland China with its products and services," said Asad Jamal, Founder and Co-Chairman of DFJ ePlanet Ventures. "The founders and the management team of Baidu continue to demonstrate extraordinary execution capabilities in delivering new products and attracting more users to their service."

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