CEO Liang Gongjun of Chinese RSS reader and feed sharing platform Xianguo.com has revealed that his company won USD 1 mln in funding, with further details to be announced in a month's time.
Liang said that the funds were secured at the end of 2009, and that the funding is "not as simple" as a matter of direct investment, but that due to matters of confidentiality, additional details could not yet be revealed.
Liang added that the funds are to be used mainly toward building the company's technical team by 20-30 new hires, and to improve the reader's speed and data processing ability. Liang said Xianguo also plans to launch mobile reader services, but that wireless will not be the company's main drive.
Regarding the site's microblogging service, which was launched in December 2009, Liang said that microblogging is only a supplementary product to Xianguo's reader product, and that the site would not transition toward microblogging or other SNS models.
Xianguo's RSS reader allows users to subscribe to automatic notification of news, blogs, and other site updates. The company was founded in June 2007 by Liang Gongjun, former Sina (Nasdaq: SINA) GM of R&D, and currently employs a team of 10.