Kingsoft Cloud Group secures $60m Series C from IDG Capital, others

Kingsoft Cloud Group secures $60m Series C from IDG Capital, others

cloud computing. Credit:Flickr/Gary Hayes

Kingsoft Cloud Group has secured a $60-million Series C investment from a syndicate of investors that includes its parent firm Kingsoft, IDG Capital Partners and AMC Investor. Kingsoft Cloud provides cloud-based hosting, storage and database services.

Based on a stock exchange filing, Kingsoft Cloud has agreed to issue a new placement of shares to Kingsoft, IDG and AMC Investor, with subscriptions for 53,016,833, 44,851,680 and 4,423,784 Series C Preferred Shares respectively. The specific considerations by each investor for the shares are $31.10 million, $26.31 million and $2.59 million, respectively.

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