Jan. 8, 2007 (China Knowledge) – Shanghai based in-store LCD advertising company Cgen Digital Media Network Co. Ltd. has raised US$24 million from a consortium of investors.

This new round of financing involves venture capital firms, including Merrill Lynch, TDF Capital, Redpoint Ventures, JAFCO Asia, Sumitomo Corp. Capital Asia Pte Ltd. and Hotung Investment Holdings Ltd.

CGEN Media runs advertisements on flat screen displays it installs in hypermarkets in China. Its clients include Carrefour, Wumart, Century Mart and B&Q. The company accounted for 60% of the domestic market share for the in-store TV market in so-called premium stores.