Shanghai-based cloud storage and computer technology developer Qiniu Information Technology recently announced completion of RMB 1 bln in Series E funding led by Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA) and Yunfeng Capital, the private equity company co-founded by Alibaba Group chairman Jack Ma.
Xu Shiwei, founder of Qiniu, said that the company will use the funds to enhance the competitiveness of its storage, big data, and artificial intelligence products, and to expand its capabilities to serve the industry.
Qiniu, established in 2011, offers storage, integrated content delivery network (CDN) acceleration, container-based cloud computing, big data platform, and artificial intelligence products.
Qiniu solicited funding from Alibaba Group in its most recent funding round, as the cloud computing company believes the two parties can take advantage of extensive business synergies.
Qiniu previously completed Series A funding from Matrix Partners shortly after it was founded, and later completed Series B funding led by Qiming Venture Partners and Series C funding led by China Broadband Capital. In 2016, Qiniu completed Series D funding led by Harvest Capital Management and F&G Venture with participation by Zhangjiang Hi-Tech Park Development (600895.SH), and Telstra.
Editor's Note: For more information on this topic, please see "Cloud Storage Provider Qiniu Wins USD 9-Digit Series D," MD 1/26/16 issue.