AVCJ

China cloud computing player EasyStack raises $50m

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EasyStack, a Beijing-based cloud platform and services provider, has completed a $50 million Series C round of funding led by CASH Capital.

It is said to be the largest funding round ever seen in China's open cloud services industry. Several undisclosed renminbi funds also participated. The company plans to use the new capital to develop its core technology, cloud ecosystem and team, according to a statement.

EasyStack was founded in 2014 by former executives at IBM China's research and development center. The company provides open cloud solutions for enterprise customers based on OpenStack free software technology. More than 80 mid- to large Chinese corporate including Postal Savings Bank of China, Lenovo and China Mobile are EasyStack customers.

AVCJ Research records show EasyStack raised a $2 million Series A round from BlueRun Ventures in 2014, and a $16 million Series B round from BlueRun, Hangzhou Rushan Venture Capital and Intune Capital in 2015.

CASH Capital is the the VC arm of the state-owned Chinese Academy of Sciences Holdings, which is under the national science research institution Chinese Academy of Sciences. CASH Holdings announced the establishment of its second renminbi fund in August 2015, with a fund size of RMB1.2 billion ($193 million).

Hina Group acted as a financial advisor for the latest EasyStack transaction.

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