Bertelsmann Asia Investments, a corporate venturing subsidiary of media company Bertelsmann, and Legend Capital, the corporate venture capital unit of China-based Legend Holdings, have co-led a $50m series B round raised yesterday by China-based cloud infrastructure software provider UCloud.
Venture capital firm DCM also participated in the round, which followed a $10m series A raised by UCloud from Bertelsmann and DCM in November. UCloud claimed the latest round is the largest yet raised by a Chinese company in the cloud infrastructure sector.
Founded in 2012 by ex-employees of internet portal Tencent, UCloud plans to use the money to complete construction of a data centre in North America, which will serve local players of Chinese games.
The company also aims to eventually launch an initial public offering in the US, a source told technology news site TechNode earlier this year.