CDH VC, Pine invest in China cloud service provider Upyun

The investment amounts to tens of million dollars in renminbi. Upyun has also announced it will take full control of the company through management buyout.

Upyun started as a project to provide cloud computing services specifically to Chinese photo-sharing site Yupoo in 2005. The company became an open service in 2010, offering data cloud storage, cloud computing and content delivery services for internet and mobile internet companies.

Currently about 20% of the 500,000 total users are paid clients, including online video site LeTV, mobile e-commerce platform Mogujie, video sharing app Meipai and financial services player Ping An Insurance Group.

"Our business has jumped nearly 10 times as compared with the beginning of this year," COO Zhihua Shen said via Upyun's official Weibo microblog. He added that the company will use the new funding to build up technology infrastructure, attract management talent, and improve marketing.

The US is said to account for more than 60% of the global cloud-computing industry, with China a distant player. However, Chinese players UCloud, AVOS Cloud, QingCloud, KeyTone Cloud, Gotye, Gllue and InnoLight have all previously raised funding from VC investors.

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• Topics
• Greater China
• Venture
• Technology
• Technology
• China
• Venture
• TMT
• CDH Investments Management