Kanbox, a Chinese cloud storage and sharing platform, has raised $20 million in Series B funding led by DCM with SIG China participating. The investment is part of DCM’s main fund as well as the firm’s $100 million Android A-Fund.
Launched in January of 2011, Kanbox serves the same function as Dropbox, allowing users to store photos, videos, documents and more across multiple locations and devices. Kanbox also offers mobile access as well, with a new Android app. In the past nine months, the service has grown to over five million users and has become one of the largest cloud storage service providers in China.
Kanbox also targets businesses and companies, and offers an open API to integrate cloud storage. CEO Tomy Gu is optimistic about the future growth potential 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.” The company is on track to reach eight million registered users by the end of the year.
DCM partner David Chao says the the new funding will be used for product development, marketing efforts, and towards expanding Kanbox’s userbase. He says the demand for cloud storage services in China is on the rise, as more users are interacting with the web and mobile platforms. He said that the company plans to focus on China for the next year or two but will then look to expand to other markets.