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Kanbox Inks $20 million Series B

2011-10-24
Leading provider of cloud storage and sharing services in China, announced that it has raised $20 million in Series B funding led by global venture capital firm, DCM
BEIJING, CHINA, Kanbox, a leading provider of cloud storage and sharing services in China, today announced that it has raised $20 million in Series B funding. Led by global venture capital firm, DCM, the new funding will be used to further enhance Kanbox products and services, expand its user base and partner ecosystem, and further capitalize on its market momentum.

Since launching in January of 2011, Kanbox has quickly grown to over five million users and has become one of the largest cloud storage service providers in China. The first service of its kind to be based on an open-platform, Kanbox technology provides millions of consumers and businesses with the ability to store important photos, videos and documents across multiple locations and devices. Most recently, Kanbox became the first provider to launch on the android app, and today serves as the most cross-platform friendly cloud storage service provider in China.

"As the most open cloud storage platform in China, Kanbox is quickly becoming the go-to source for storing and sharing digital files. With its open API platform, any app developer or business can easily integrate their products and services into the Kanbox platform," said Tomy Gu, CEO of Kanbox. "The cloud ecosystem is destined to be a key growth area in China for the coming decade and with Kanbox, users now have a simple, reliable and secure way to share their most valuable documents."

Kanbox's funding comes in the wake of significant innovation and growth for the company. Just three months after launch, its registered user base reached 1.5 million, and the company is on track to reach eight million registered users by the end of the year.

"The demand for cloud storage services is increasing rapidly - especially in international markets like China, the largest Internet, computer, and mobile market in the world, where an increasing number of consumers and businesses require technologies to store and share any digital files," said David Chao, co-founder and general partner, DCM.

Today China has more than one billion mobile phones and tablets and is home to over 500 million Internet users. In addition, investment in cloud computing projects in China is expected to reach US$154 billion over the next few years according to the Asia Cloud Computing Association.

"Kanbox has always been on the leading edge of technology innovation in China, becoming the very first cross platform services provider in China," said MingMing Huang, Chairman of Kanbox. "Kanbox's innovative technology is being leveraged to make life easier for everyone - from students and professionals to major businesses - ultimately becoming their most trusted source for cloud storage and sharing."

DCM will be joining existing investor SIG China in this latest round of investment. DCM co-founder and general partner, David Chao, is joining the board of directors of Kanbox.

About Kanbox

Kanbox is one of the largest cloud storage and sharing service providers in China, with millions of users. Launched in 2011, its unique cross platform technology gives consumers and businesses an easy and secure way to store and access their most important photos, videos and documents from any location and any device. Headquartered in Beijing China, Kanbox is a privately held company and is backed by venture capital firms DCM and SIG China.

About DCM

DCM is an early stage venture capital firm that has been helping entrepreneurs build world-class technology companies since 1996. The firm's partners manage seven funds totaling over US$2 billion, and have made investments in more than 140 technology companies across the United States and Asia. With offices in Silicon Valley, Beijing and Tokyo, DCM provides hands-on operational guidance and a vast network of business and financial resources to its portfolio companies globally. DCM has backed industry leading companies such as 51job (NASDAQ:JOBS), About.com (acquired by The New York Times Co.), Clearwire (NASDAQ:CLWR), eDreams (acquired by TA), Foundry Networks (NASDAQ: FDRY), Kabu.com (TSE Main: 8703), Sling Media (acquired by EchoStar), SMIC (NYSE: SMI), and VanceInfo (NYSE: VIT) as well as upcoming startups such as Bridgelux, HappyElements, Mbaobao, PapayaMobile, Sandforce, Trion Worlds, Ustream, and Vipshop. Recent exits include four new China-based IPOs: Renren (NYSE:RENN), BitAutoHoldings (NYSE: BITA), Dangdang Inc. (NYSE: DANG), and Shanghai Luxin (SZSE: 002565) and three US-based exits: Force10 (Acquired by Dell), Fortinet (NASDAQ: FTNT) and PGP (acquired by Symantec).





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