Shanghai-headquartered cloud and data solution provider Qiniu Cloud on Tuesday announced that it has raised as much as 1 billion yuan ($141 million) in its Series F round of financing from state-owned China Structural Reform Fund Corporation Limited, BOCOM International Holdings Company Limited and Jumbo Sheen Group’s investment arm.
The company previously raised the same amount in its Series E round of funding from Chinese internet giant Alibaba Group and YF Capital in August 2017.
Emerging economy focused China Renaissance served as its financial advisor for the latest deal.
Qiniu, which was set up in 2011, claims to have served companies including Chinese smartphone player OPPO, video sharing platform Bilibili backed by Alibaba, Sony and Tencent, PingAn Bank, China Merchants Bank, iQiyi, among others.
Qiniu will deploy the proceeds towards technology innovation, development of cloud and data services, market expansion and enabling the business ecosystem.
“As new technologies such as 5G move forward, the sector will see a huge opportunity,” said Xingjie Xi, head of technology and corporate service, China Renaissance, in the statement.
The cloud-driven market size in China will reach to 300 billion yuan ($42 billion) by 2023, Qiniu said in the statement.
Prior to its Series E round of funding, Qiniu garnered $100 million in its Series D financing from a consortium of investors including Australian mobile network group Telstra’s investment vehicle Telstra Ventures and Harvest Investments. Its previous backers include Qiming Venture Partners, MatrixPartners China and CBC Capital.