(Yicai Global) Jan. 30 -- Chinese online service provider Kingsoft Cloud Network Technology Co. has secured USD720 million in its D-round funding after a last-minute USD200-million injection.
The new money will value the Beijing-based company at just under USD2.4 billion, online news outlet 36Kr reported. FutureX Capital and the firm's largest shareholder, Kingsoft Corp., both contributed equal amounts to the round.
Kingsoft Cloud plans to land a 30-percent market share in China's infrastructure-as-a-service sector, and will double down on price cuts in the country to lop as much as 60 percent off certain products, said Wang Yulin, senior vice president at Kingsoft Corp.
The firm is gaining momentum in a number of fields: video, gaming, government administration, finance, manufacturing and healthcare; and has grown by an annual compound rate of more than 100 percent over the last three years. With the latest funds under its belt, Kingsoft Cloud will mark down its prices and expand its coverage across Europe, North America and Southeast Asia.
Kingsoft Corp. will see its stake dwindle to less than 51.6 percent after completion. Lei Jun, the Chinese entrepreneur best known for founding smartphone maker Xiaomi Inc., is the actual controller of the parent firm.