LeCloud, the cloud computing and data processing arm of Chinese internet giant LeEco (formerly known as LeTV), announced on Thursday that they received a 1 billion yuan (US$150M) of series A led by Chongqing Industrial Investment Fund, a 80 billion yuan state-owned investment fund by the Chongqing government.

LeEco’s stake in the cloud computing unit will decrease from 60% to 50%, but the parent will retain a majority stake of LeCloud. The new investor will hold a 16.67% stake in the company.

The funding is earmarked for product development, service optimization, recruitment, business development and marketing. The company also disclosed that they are going to issue stock incentive plans for the LeCloud team.

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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.