(Yicai Global) Dec. 13 -- China's Internet cloud services provider Beijing Ksyun Network Technology Co. has completed a USD300 million fourth round of financing, making it the biggest round of fundraising in the cloud industry and valuing the company at USD1.9 billion.
Software firm Kingsoft Corp. [HKG:3888], its largest shareholder, invested USD150 million in the latest fundraising. Two other investment institutions contributed another USD150 million. Kingsoft will own 51.93 percent of Ksyun after the financing is closed.
With the completion of the fundraising, Ksyun, founded in 2012, has announced across-the-board price cuts of up to 60 percent. "As our technology products and operating efficiency improve, Ksyun is able to meet cloud demand from more clients, which lower prices would attract," said the company's CEO Wang Yulin in a statement.
Following the fundraising, Ksyun will increase research and development spending in artificial intelligence (AI), cement and expand its strong position in video, gaming and other internet fields, and establish a presence in the public, manufacturing, finance, medical and other vertical industries in a bid to achieve revenues of more than CNY10 billion over the next three years, Wang said.