Hangzhou City, Zhejiang province-based cloud storage service provider UpYun.com says it has received tens of millions RMB in series A financing led by Chinese venture firms CDH Venture and Songshu Capital, according to the company’s official Weibo account.
Shen Zhihua, UpYun’s co-founder, says that the proceeds will be used to expand the company’s technology infrastructure, build up its team and marketing efforts.
Established in 2005, UpYun claims that it has nearly half a million users, of which 20% are paying customers. Its key corporate clients include LETV.com, Mogujie.com, Meipai.com, Changba.com, and Ping An Insurance (Group) Company of China, Ltd.
In August, another Chinese cloud storage service provider Qiniu.com received tens of millions U.S. dollars series C financing led by CBC Capital.