Kanbox Secures $20 Million in Series B

Kanbox, provider of cloud storage and sharing services in China, 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 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 photos, videos and documents across multiple locations and devices. Most recently, Kanbox became the first provider to launch on the android app.

"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 innovation and growth. 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.