Seoul and Beijing-based cloud IT services provider Bespin Global has gathered 530 million yuan ($75 million) in a Series C round of financing backed by South Korean wireless telecommunications operator SK Telecom and existing investors such as DY Holdings, the startup announced in a recent WeChat post.
With this round, the company has raised total external funding of over 1.3 billion yuan ($183 million).
Bespin Global delivers cloud IT services in South Korea, China, and the Middle East, with a range of partnerships in the pan-Asian region.
It supports cloud service providers (CSPs) including Amazon Web Services (AWS), Microsoft Azure, Google Cloud, Alibaba Cloud, Huawei, and Tencent Cloud, with more than 700 clients across 12 industries worldwide, according to the post.
As per a Canalys report released in March 2020, China’s cloud infrastructure market grew 66.9 per cent to $3.3 billion in the fourth quarter of 2019, representing 10.8 per cent of the global total. For the whole year, the country’s spending on cloud infrastructure services grew 63.7 per cent to $10.7 billion, which made it the second-biggest cloud market in the world.
The report shows that the market is now dominated by Alibaba Group that accounts for 46.6 per cent of the total spending as the largest cloud service provider in the country. It is followed by Tencent Cloud (18 per cent) and Baidu’s AI Cloud (8.8 per cent).
“5G will become the leading force in the future cloud computing market, so we will focus on building a 5G cloud management platform that can lead the global technological development,” said Brad Yun Lee, co-founder and CEO of Bespin Global China, in the post.
“After the new financing, we will speed up our business expansion into markets outside of China,” said Yun. “We will also continue our efforts in the Chinese market and vigorously seek [opportunities to enable] rapid growth.”
Bespin Global secured $27 million in a funding round led by Singapore-based ST Telemedia (STT), an investment unit of Temasek Holdings, with participation from China’s Legend Capital in February 2018.
The startup also raised $15 million in a Series A round led by Legend Capital in July 2017.