Chinese cloud service provider Qiniu Information Technology announced eight-digit dollars of Series C financing led by CBC and followed by existing investors of Matrix Partners China and Qiming Venture Partners, who participated in Series A and Series B round, respectively.
The company disclosed that the financing will be used in infrastructure and cloud industrial chain construction, R&D, and expansion into overseas markets.
Qiniu is a cloud-based storage solutions provider in China, offering one-stop data management services to enterprises. The company is founded in 2011 by Xu Shiwei, a former technological researcher at China’s top Internet companies of Kingsoft and Shanda.
The startup now claimed nearly 100K enterprise clients in industries of social networking, interactive entertainment, e-commerce, online education, security, etc.
Qiniu helps enterprises to focus squarely on their products and core businesses rather than wasting time and energy in peripheral matters, according to Xu Shiwei, CEO of the company.
Ucloud, a major competitor of Qiniu just announced US$50M of Series B financing in June this year. In addition to other similar startups like Upyun and Jianguoyun, cloud services backed by big Chinese Internet companies such as Alibaba and Tencent are also tapping this market.
image credit: Qiniu