Shanghai CGEN Digital Media Network Co Ltd, an advertising company that operates in-store televisions in hypermarkets such as Carrefour, announced that it has raised US$24 million from a consortium of investors. 　

The new round of financing involves venture capital firms, including Merrill Lynch, TDF Capital, Redpoint Ventures, JAFCO Asia, Sumitomo Corporation Capital Asia Pte Ltd and Hotung Investment Holdings Ltd. CGEN Media accounted for 60 percent of the domestic market share for the in-store TV market in so-called premium stores.

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