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.
To meet the mushrooming demand of massive user data distribution, the company has decided to run the enterprise-focused Upyun and consumer-targeted social networking service Huaban independently. Zhou Lei, former CTO of Net.cn, was appointed as CEO of Upyun.
Shen Zhihua disclosed that the funding will be used to build infrastructure, attract talent and for marketing.
Qiniu, a major competitor of Upyun, has secured an eight-digit dollar sum of funding at the end of this August.
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Originally from: Shuhang