Kingsoft Cloud, an online storage subsidiary of China-based software company Kingsoft, has obtained $60m in a series C round backed by its parent company, China Money Network reported today.
IDG Capital Partners, the venture capital affiliate of media and technology company International Data Group, and an unnamed entity associated with China Asset Management also participated in the round.
The deal values Kingsoft Cloud at $1.06bn. Following the transaction, Kingsoft will hold a 51.4% stake and IDG will own 4.3%, while China Asset Management will hold a 2.5% share.
Kingsoft Cloud provides a suite of services such as data hosting, cloud and data storage, and file synchronisation.
Kingsoft, IDG and smartphone maker Xiaomi provided $66.6m in series B funding for Kingsoft Cloud in April 2015, after it had raised $20m in series A capital from angel investor Yuri Milner in 2013. Xiaomi originally paid $1.8m for a 9.9% stake in 2012.