LeCloud completes Series A financing, likely pushing valuation to USD 1 B

From LeEco
Picture from LeEco

LeCloud, the cloud platform of China’s internet behemoth LeEco, announced that it has completed its Series A Funding on Sunday, the amount of which was not disclosed.

LeCloud is a free-of-charge cloud platform that provides storage space for private users and corporate clients to share photos, files, music, and software.

LeEco has an online ecosystem that integrates cloud computing and big data platforms, entertainment content, and apps including LeCloud, LeCar and LeStore. LeCloud was likely valued up to RMB seven billion (USD 1.1 billion) in its latest round of fundraising, Ctsbw.com reported.

“Cloud computing will become as important as water and electricity, and cloud services will build a basic public platform for the national economy,” Jia Yueting, the founder and CEO of LeEco said at LeCloud’s launch event last August.

LeEco’s parent company Le Holdings (Global) plans to launch its IPO in 2022, and its assets including LeCloud will be listed in the near future.

China’s BAT companies are competing to split the cloud computing business. Baidu Cloud uses cloud computing, big data, and artificial intelligence combined with its search engine capabilities. Alibaba’s AliCloud focuses on public health, and its Q3 financial statement in 2015 reported a year-on-year growth of 128%. Meanwhile, Tencent Weiyun offers 10TB of free cloud storage and is available in both Chinese and English.

Smaller players are not being left behind. Rong Cloud, an instant messaging cloud service provider, also landed RMB 50 million of Series A funding on Sunday, reported 36kr.com.

(Top photo from taopic.com)

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