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Gobi, CBC commit $8m in China KeyTone Cloud

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Gobi Partners and China Broadband Capital CBC) have co-led a RMB50 million ($8 million) Series A round of funding for in KeyTone Cloud, a Chinese cloud computing platform.

The new capital will be used for product development and marketing.

KeyTone Cloud was founded in 2011 by Lin Jiang, formerly vice president of Shanda Interactive Entertainment's cloud computing subsidiary. The company claims its Hybrid Cloud platform provides more information control and better security for Chinese enterprises.

"Gobi is very optimistic about prospects for the development of enterprise cloud service industry in China," Michael Zhu, a partner at Gobi Partners, said in a statement. "KeyTone Cloud provides solutions for enterprises to ease concerns surrounding data security and IT infrastructure control issues."

China's cloud computing industry is less developed than that of the US, which has a more than 60% global market share, according to Wei Liu, a partner at CBC.

CBC was founded by Edward Tian, previously CEO of China Netcom Group. The firm, which invests primarily in the telecom, media and technology space, is seeking $500 million for its third China fund.

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