Fosun Leads $14M Round In Chinese Cloud Computing Firm CloudCare

Chinese conglomerate Fosun Group has led a nearly RMB100 million (US$14 million) series C round in CloudCare, a Shanghai-based cloud computing company. Existing investor Sequoia Capital China also participated in the round.

Founded in 2013, CloudCare’s services include consulting, project design, system implementation, application migration, system management, mixed cloud management and data center construction.

"As the carrier of some of the top big data and artificial intelligence companies, CloudCare has huge potential in the future," said Pan Donghui, senior vice president of Fosun Group. "In the future, I believe CloudCare can deepen its expertise in the industry, expand its business, and continue to provide high-standard services."

CloudCare previously raised a RMB10 million (US$1.4 million) series A round from Sequoia and Gobi Partners in 2014, followed by a RMB50 million (US$7 million) series B round from Alibaba Group Holding Ltd. in April 2017.The company is Alibaba Cloud’s first strategic partner.

It currently has offices in Beijing, Guangzhou, Hangzhou, Chengdu, Nanjing and Suzhou. It plans to use the latest proceeds to develop new products and form strategic partnerships with more companies.

"Cloud computing makes information technology much easier for corporates," added Pan Donghui at Fosun. "It can increase efficiency and create more business opportunities."

Indeed, Chinese cloud services providers have attracted a number of significant investments so far this year.

Three days ago, Beijing-based SpeedyCloud raised a RMB100 million (US$14 million) series B round led by CASH Capital (Beijing) Investment Management Co., Ltd.

CloudIn, a Beijing-based cloud services provider, raised a RMB70 million (US$10 million) series A round led by Fortune Capital last month.

Shanghai UCloud Information Technology, a cloud computing infrastructure and services provider, completed a RMB960 million (US$139 million) series D round from Oriza Holdings and CICC Alpha three months prior.