China data storage software start-ups gets $110m
Boyu Capital has led a RMB710 million ($110 million) Series E round for China-based data storage software services provider XSKY.
Legend Capital, CICC Alpha - a direct investment platform of CICC - Broad Vision Funds, Kunlun Capital, Shanghai-listed financial technology company Hundsun Electronics and Suzhou Fengyi Yuanda Equity Investment Fund also took part in the round.
In addition, there were re-ups from existing investors Northern Light Venture Capital and Qiming Venture Partners, according to a statement.
The proceeds will go towards investment in core technology R&D, the development of new products and business models in cloud-edge collaboration, and strengthening service capabilities in key industries.
Founded in 2015, XSKY provides software-defined-infrastructure (SDI) products and services that allow companies to automate their computing infrastructure. SDI products are said to operate independently of any specific hardware, leveraging a decentralized storage structure that reduces costs and facilitates scalability.
The company claims to have served more than 1,000 medium and large-sized customers. They include the People's Bank of China, China Life Insurance, China Pacific Insurance, China CITIC Bank, State Grid Corporation of China, the country's three major mobile carriers, and several local carmakers and airlines. Government agencies are also customers.
XSKY has three R&D centers in Beijing, Shenzhen, and Chengdu. Technology staff accounts for 70% of the overall headcount.
Northern Light Venture Capital became the company's first institutional investor in 2015, leading a RMB20 million pre-Series A round. Redpoint Ventures China joined a RMB52 million Series A a year later and Qiming led a RMB120 million Series B in 2017.
A Series C round of RMB240 million closed in 2018, with New Enterprise Associates in the lead, and then China Reform Holdings assumed the same role for a RMB320 million Series D last year.
Other PE and VC-backed companies operating in the data storage software space include Pingcap, Transwarp Technology, EasyStack, and UCloud.
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