Chinese cloud player Qiniu gets $141m Series F
Chinese enterprise cloud service provider Qiniu Cloud has raised RMB1 billion ($141 million) in Series F funding from the state-owned China Structural Reform Fund, Bocom International, and Hongzhao Fund.
The proceeds will go towards core technology development, broadening industry and geographic coverage, and the construction of a one-stop cloud-plus-data-analysis service.
The company currently serves one million enterprise-level clients, including Oppo, Bilibili, iQiyi, Ping An Bank, and China Merchants Bank. Other customers are spread across the mobile internet, financial services, automotive, and manufacturing sectors.
Qiniu's core product is a video-based cloud service and data analysis platform. CEO Shiwei Xu said in a statement that the company's competitive advantage is its data and visual intelligence capabilities. It not only facilitates cloud hosting and video content recognition but also provides comprehensive cloud computing services.
Shanghai-based Qiniu most recently completed a RMB1 billion funding round in 2017 led by Alibaba Group and Yunfeng Capital, a private equity firm established by Alibaba founder Jack Ma.
According to AVCJ Research, the company previously received Series A funding from Matrix Partners China shortly after its founding in 2011. Qiming Venture Partners led the Series B and then China Broadband Capital provided the Series C. In 2016, Qiniu secured more than $100 million in Series D funding led by Harvest Capital Management and F&G Venture, with the participation from Zhangjiang Hi-Tech Park Development and Telstra.
Jia Qiuran, a director at China Structural Reform Fund, said that the 5G era will generate a huge amount of data. Qiniu is well-positioned to capitalize on this through its focus on high-frequency scenarios and end-to-end solutions that allow the value of data to be more easily released.
Fen Su, deputy CEO of Bocom International, added: "We are optimistic about the growth potential of Qiniu Cloud, which encourages enterprises to use the cloud to improve efficiency, rather than just to reduce cost."
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