EasyStack raises $50M Series C Round, Setting New Single Round Record in China Open Source
January 11, 2017 --
BEIJING, Jan. 11, 2017 /PRNewswire/ -- EasyStack, the leading OpenStack open source cloud enterprise, announced that the company has closed a $50 million Series C funding round on Jan 11, 2017. The round of funding, which was led by Cash Capital with participation by several RMB funds, sets a new record for funding in a single round in the open source field in China. The company intends to use the funds primarily on the research and development of core open source technologies, eco-investment of the open source cloud enterprises solution, and team building of the enterprise cloud services.
Through this round of financing, EasyStack will further expand its market scale in OpenStack, continuously enhance its capacity to offer comprehensive services, improve its advantages in technologies and the operation cost so as to build an open source cloud platform featuring stability, security, high efficiency and controllability for enterprise users.
EasyStack is the leading OpenStack cloud platform and service provider in Asia-Pacific founded in February 2014, by the core team of IBM China R&D Center. EasyStack provides cloud computing that is open, controllable, stable, and reliable with high performance based on OpenStack for enterprise clients.
EasyStack adheres to the concept of open cloud computing and contributes to the development of the community. In newly released Newton Version of the OpenStack, EasyStack takes lead in China and the eighth in the world in terms of tc-approved commits. EasyStack became a golden member of the OpenStack Foundation in April 2014.
Jonathan Bryce, executive director of OpenStack foundation said "China is one of the most active areas for OpenStack, and many Chinese companies including EasyStack are making great contributions to the community. The Series C investment is a big milestone for EasyStack, and I believe OpenStack will grow fast with the support of successful OpenStack companies and users."
In terms of products and services, EasyStack released the first OpenStack ESCloud for the enterprise customers in China, the first hybird cloud solution based on OpenStack in China and the first ESCaaS, the Elastic Dedicated Cloud Solution based on OpenStack. Currently, EasyStack portfolio includes ESCore, ESCloud, ESCloud+, ESCaaS, ESRoller, and ESHybrid. It has improved the performance of computing, network and storage with its product line covering complete IaaS products and services and provides the comprehensive and professional cloud computing and package solution including public cloud, private cloud, hosted cloud and hybrid cloud.
EasyStack has provided OpenStack cloud platform and services for over 100 large-sized enterprise clients including China Mobile, China Telecom, The State Grid, Postal Savings Bank of China, China UnionPay, CIB Fintech, Rural Credit Banks Funds Clearing Center, Guotai Junan Securities, Lenovo Group, TCL, Tsinghua University and Tianhe Cloud. EasyStack's clients are from telecommunication, financing, energy, manufacturing, government, education and the emerging industries such as internet financing and e-commerce. The company has won the Gartner Cool Vendors in China in 2016, the only open source cloud computing enterprise on the list.
Xilun Chen, the founder and CEO of EasyStack said, "The core competitiveness of the cloud computing service provider is demonstrated in the R&D capacity of the basic technologies based on the accumulation of the service and implementation experience of the enterprises and the establishment of the threshold of the leading enterprise clients of a certain industry. With the joining of a new round of financing, EasyStack will enlarge its investment in R&D of technologies, contribute to the open source community and enhance the original creativity of cloud computing technologies; it will continue to improve the products and solutions and further expand the width and depth of the product line; through its own technical capacity, professional services and strong eco-platform, it will create values for more enterprise clients in different industries.
Cash Capital, the leading investor of C round of financing, is the first-level equity investment platform directly managed and initiated by the CAS holdings Company and joined by many large-sized domestic corporate groups to establish many VC equity investment funds and buyout funds with the total amount of management fund reaching billions of RMB. Focused on the emerging industries such as TMT and based on the first class technical capacity and a large amount of the high tech transferred results of the Chinese Academy of Sciences and the resources of government and industries, Cash Capital prefers to invest in the high tech enterprises with technical barriers, especially the high-tech startups and the growing high-tech companies.
Cash Capital is the first state-owned asset management company operated by the public institution under the central government approved by the State Council. Its development goal is to speed up the deep convergence of science and technologies and economy, realize the leapfrog development of the strategic emerging industries, and promote the economic transformation and the industrial restructuring so as to improve the economic quality and the comprehensive national strength.
Hongwu Chen, the partner of Cash Capital said," It is one of the key tasks in the 13th five year plan of National Informatization to enhance the independent innovation capacity of cloud computing and develop a series of key cloud computing enterprises with international competitiveness. The role of the enterprises needs to be given into full play to innovate and the Cash Capital needs to help develop the leading enterprises. EasyStack owns the first-class OpenStack team in China and even the Asia Pacific region with good technology foundation, awareness of the enterprises' market demands and the international vision. Its products and services have withstood the tests of the leading enterprises in different scenarios and industries and exerted wide influence in the enterprise cloud computing market. We are optimistic about the future development of EasyStack."
EasyStack has completed the A round of financing of 2 million USD with BlueRun Ventures as the leading investor in August 2014, and the B round of financing of 16 million USD with Rushan Ventures as the leading investor in May 2015. The later investment has become the biggest single financing in the open source field of China. EasyStack's completion of C financing means that the company has finished three rounds of financing within less than three years and won the biggest single financing released till now in China's open source field again.
Weiguang Chen, the Chinese partner of BlueRun Ventures said, "As the early investor of EasyStack, we have seen that the EasyStack team has completed 3 rounds of financing rapidly and smoothly and improved the OpenStack open source cloud to the enterprise service level. The successful implementation and operation of the OpenStack open source cloud in the enterprises have enhanced the independent R&D of China's basic software. With the rapid development of the enterprises' cloud computing market, the prospects for the open source and open cloud computing platform with OpenStack as the mainstream will be more promising in the future!"
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