Legend leads Series C round for China’s UCloud
Legend Capital has led a Series C round worth approximately $100 million for UCloud, a Chinese cloud service provider, with participation from VMS Investment Fund, DCM, Bertelsmann Asia Investments (BAI) and GX Capital.
The latest round comes after Legend and BAI led a $50 million Series B round in June last year. Previously, DCM and BAI provided $10 million in Series A funding.
Founded in 2012 by three former Tencent Holdings executives, UCloud targets online gaming, e-commerce operators and mobile internet developers with services such as cloud storage and data analytics. By outsourcing these functions, companies can focus on other parts of their business.
The company said in a release that it now works with overseas clients that are operating in China. The new funding will go towards building up UCloud's R&D and its data center infrastructure, hiring more staff globally, and marketing.
A number of China-based cloud computing companies have received VC backing, including Kingsoft Cloud Group, DaoCloud, Upyun, AVOS Cloud, QingCloud, KeyTone Cloud, Gotye, Gllue and InnoLight.
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