Legend Capital, the corporate venture capital investment arm of Chinese tech firm Legend Holdings Ltd., has led a series A round worth over RMB100 million (US$14 million) in Bespin Global, a South Korean start-up providing managed cloud services to medium and large enterprises globally.
U.S. and South Korea-based Altos Ventures and two unnamed investors also participated in the round, according to a company announcement.
“We are glad to invest in Bespin Global, whose team has solid experience and knowledge in enterprise services, cloud information technology services and software,” said Joon Sung Park, executive director of Legend Capital. “Cloud computing is gradually replacing the traditional information technology infrastructure at enterprises, creating enormous opportunities for start-ups like Bespin Global.”
Enterprises have been adopting cloud computing platforms at a rapid rate. In 2015, 77% of enterprises used traditional IT infrastructure. That number is expected to drop to 43% by 2018, according to a survey conducted by McKinsey & Company.
Founded in 2015, Bespin Global’s core business is to help medium and large enterprises transform their IT operations from traditional infrastructure to ones based on cloud computing. It currently provides managed cloud services to over 150 medium and large enterprises globally, including Samsung Group and AmorePacific Corp.
Bespin Global expanded into the Chinese market in 2016, opening offices in Shanghai and Beijing. With the latest proceeds, it plans to accelerate its products upgrade, support localization strategy, and generally expand its businesses.
Legend Capital has invested in a number of cloud computing enterprise service firms, including Ucloud and Bangsun Technology.