Cloud service provider Upyun has announced that it received eight-digit yuan of Series A financing from CDH Fund and Pine Capital, and carried out a management buy-out (MBO). After the MBO, Upyun’s founding team has taken full control of the company’s operation rights.

Upyun started as a project providing cloud storage and cloud computing services to another in-house photo-sharing services Yupoo in 2005. It became an open service in 2010. Upyun offers unstructured data cloud storage, cloud computing and cloud content delivery (CDN) services for medium- and small-sized enterprises focused on internet and mobile internet industries, allowing customers to focus more on their own product operations.

Upyun now claims to have nearly 500,000 users, of whom 20% are paying clients, including major domestic firms like LeTV, Meipai, Fishing Joy, and Ping-An. The company’s business surged by nearly 10 times at the time of writing compared with the beginning of this year, according to Shen Zhihua,Upyun’s COO.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.