Yunfeng, Alibaba invest $152m in Chinese cloud storage firm
Qiniu Information Technology, a Shanghai-based cloud storage and computer technology developer, has completed a RMB1 billion ($152 million) funding round led by Alibaba Group and Yunfeng Capital, a GP co-founded by Alibaba chairman Jack Ma.
The company plans to use the new capital to strengthen its cloud computing, big data and artificial intelligence (AI) technology capabilities, Shiwei Xu, founder of Qiniu, told local media.
Established in 2011, Qiniu provides cloud-based storage solutions to Chinese enterprises. The company differentiates itself from other industry players by applying big data analysis and AI technology solutions to its cloud services. It currently serves more than 700,000 clients.
Qiniu believes there are strong business synergies between the company and Alibaba, with Qiniu's advanced technology supporting the development of Alibaba's cloud computing unit Alibaba Cloud.
While the likes of Alibaba, Baidu, and Tencent are expected to dominate China’s cloud computing space, much as Amazon and Google have in the US, VC investors are flocking to independent players. These large companies are best known for public platforms that are off limits to many financial services and government clients, so start-ups can find an angle in offering more customized services.
According to AVCJ Research, Qiniu previously completed Series A funding from Matrix Partners China shortly after it was founded, and later completed a Series B round led by Qiming Venture Partners. China Broadband Capital led a Series C round for the company.
Last year, Qiniu completed Series D round worth more than $100 million led by Harvest Capital Management and F&G Venture, with the participation from Zhangjiang Hi-Tech Park Development and Telstra.
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