Kingsoft Group's cloud storage subsidiary Kingsoft Cloud has completed its A-round financing of USD20 million.
The investor was Mail.ru, a fund owned by the founder of DST Yuri Milner. Mail.ru invested three times in Facebook and it was once an investor of JD.com, a leading Chinese B2C e-commerce website.
Kingsoft Cloud's financing is reportedly the largest financing case in the early stages of the Chinese cloud storage industry by far. Zhang Hongjiang, chief executive officer of Kingsoft, said that Kingsoft internally considered Kingsoft Cloud as a startup company, including on the capital level. Therefore, they introduced external investments. Kingsoft Cloud reportedly contacted over ten venture capital firms and finally selected Yuri Milner as their partner.
Zhang said the successful completion of the financing was based on the inve...
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