Chinese mobile advertising firm CASEE has received $6 million from London mobile marketing company Velti, which takes a 33 percent stake in the start up that China-focused news site Pacific Epoch calls the AdMob of China. Velti also has warrants for a further 17 percent, which would increase its stake to 50 percent for an extra investment of $3 million.

CASEE runs an online mobile advertising exchange in which advertisers can bid for ad space, and WAP site operators can offer inventory. The two-year old company reports that it serves over 500 million ads a month on 3,000 WAP sites in China (Release).