Comment on Chinese Cloud Service Provider Qiniu Raises Eight-digit Dollars Series C Financing by Chinese Cloud Service Provider Qiniu Raises Eight-digit Dollars Series C Financing | Kungpao.tv

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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. The company is founded in 2011 by Xu Shiwei, a former technological researcher at China’s top Internet companies of Kingsoft and Shanda. 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.