China data storage provider XSKY raises $45m

Other investors include Qiming Venture Partners and Qingkong Huayi Investment, a firm associated with Tsinghua University.

Founded in 2015, XSKY provides software-defined-infrastructure (SDI) products and services that allow Chinese enterprises' computing infrastructure to be entirely automated. The SDI products are said to operate independently of any specific hardware and leverage a decentralized storage structure that reduces costs and facilitates scalability.

XSKY has served more than 600 large and medium-sized customers including People's Bank of China, China Life Insurance, China Pacific Insurance, China CITIC Bank, State Grid, China Mobile, China Telecom, China Unicom, China FAW, SAIC, Geely Automobile, Dongfeng Motor, Eastern Airlines, and Xiamen Airlines.

The company has raised RMB752 million across five rounds according to a statement. US-based New Enterprise Associates led a RMB240 million Series C in 2018, following a RMB120 million Series B led by Qiming in 2017. Redpoint Ventures China joined a RMB52 million round in 2016, and Northern Light Venture Capital led a RMB20 million pre-A round in 2015.

Proceeds from the latest investment will be used to develop data storage technology, including a hybrid cloud data management solution, and promote SDI product uptake in lower-tier cities.

In the first half of 2019, the SDI market reached a year-on-year growth rate of 52.8%, according to IDC report. Demand is expected to be driven by the rising prominence of edge computing, internet-of-things, and real-time analysis.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Expansion
• Technology
• China
• Qiming Venture Partners