Chinese cloud solution service provider BoCloud announced the completion of a one-billion-RMB series C round of financing. This round of financing by NIO Capital, the investment arm of Chinese electric vehicle maker NIO.
By the end of 2019, BoCloud’s products have been widely used in more than 10 fields by over 200 large and medium-sized enterprise customers, supporting the production systems of many customers to run stably and efficiently.
BoCloud achieved compound growth rates of 80% a year on revenue between 2016 and 2019, and was profitable for the year as a whole, it said in a statement.
With Suzhou as its base, BoCloud has expanded its business scope to cover a wide range of industries including finance, energy, manufacturing and government. In 2019, BoCloud continued to grow its client base, which includes deep services to the five leading financial institutions, continued leadership in the manufacturing and operator sectors, and growth in the energy, government and public utilities sectors.
According to the 2018-2019 China Paas Market Research Report released by China’s leading ICT research consultancy, BoCloud ranked first among start-ups with a 5.3% market share in 2018. In 2018-2019 China Cloud Management Platform Market Research report, BoCloud was also named as a cloud management platform innovator.
With this funding, Bojun will further expand its presence in the Paas and cloud management markets, continue to tap into user demand, increase technology innovation and R & D.
NIO Capital Leads Round In Cloud Service Firm BoCloud