China-based cloud technology developer ZStack has raised $14m in a series B round that included Alibaba Cloud, a subsidiary of e-commerce firm Alibaba, China Money Network reported on Monday.
Government-backed venture capital fund Shenzhen Capital Group led the round, which featured investment firm New Alliance Group, private equity fund Shanghai Zizhu Xiaomiao Equity Investment Fund and Qianhai Fund of Funds.
Founded in 2015, ZStack has developed a software platform that enables enterprises to manage their data centre resources including computing, networking and storage.
The company supplies the technology to customers in a range of industries including government, finance, education, internet, energy and manufacturing.
ZStack’s customers include Shanghai Stock Exchange, China Mobile, Rural Credit Internet, People’s Bank of China Wuhan Branch, UnionPay Business and the University of Electronic Science and Technology, according to its website.
The series B funds will be used to enhance the company’s production capabilities, expand its research and development team and strengthen its partner ecosystem.
ZStack had previously said it had received an undisclosed amount in a 2017 series A round led by Alibaba Cloud.