A cloud service provider EasyStack has raised $50 million in a series C investment round that was led by Beijing-based CASH Capital Investment Management Co Ltd, an investment arm of Chinese Academy of Science Holdings, according to China Money Network.
“Improving China’s self-developed cloud computing capabilities is an important part of China’s 13th Five-Year Plan,” said Chen Hongwu, a partner at CASH Capital. The 13th five-year plan 2016 to 2020 of China includes proposals of foundations for setting up strategies for economic development, growth targets and reforms.
Also known as the third wave of information technology, the cloud computing helps in storing data and running software over the internet and reduces infrastructure cost for enterprises.
There are other unidentified investors who participated in the round.
“EasyStack has the best team with robust technology expertise, and the company has established a leading position in China’s open source enterprise services market,” said Hongwu.
Founded in 2014, EasyStack uses OpenStack, a free and open-source software platform for cloud computing, providing service for over 100 companies including China Mobile, China UnionPay, and Lenovo Group Ltd.
The investment is expected to be used to expand the company’s work in the OpenStack field, improve its technology and operations.
Previously, in 2014, the company raised $2 million in a series A funding round from Blue Run Ventures that focuses on mobile and tech start-ups. Later in 2015, it raised $16 million series B funding in a round led by RuShan Capital.