Qiniu Cloud (七牛云), an independent cloud computing and data service provider, has raised CNY 1 billion in its Series F. The round saw participation from the China Structural Reform Fund, financial service supermarket BOCOM International and venture capital firm Hongzhao Fund.
In 2017, the company received over CNY 1 billion in its Series E (in Chinese) from tech behemoth Alibaba (BABA:NYSE) and private equity player Yunfeng Fund.
At present, more than 1 million corporate customers and developers, including some well-known enterprises, are using the company's cloud and data services.
Qiniu is planning to integrate the existing knowledge and industrial capabilities of its partner network to build a solid, multidimensional data ecosystem.
As many traditional companies have opted for digital transformation, the data pools are getting boosted. Consequently, more firms are trying to leverage cloud services in their quest for higher industrial efficiency and innovation.
To attract and serve more customers, cloud computing providers need to hire talents and invest in core equipment and related technologies. Relying on the Series F funds, Qiniu can improve their business, connecting the upstream and the downstream.
China, which has become a prominent tech hub in the last decade, now presents multiple opportunities to the local cloud computing companies across a handful of industries.