Kingsoft sees its future in the clouds

KingSoft Cloud Company, a subsidiary of the country's leading antivirus software and internet service company Kingsoft Corp, announced on Monday it has completed a Series C+ of financing for $50 million, with its valuation reaching $1.1 billion.

It will speed up its layout in cloud-computing services, which involve video, game, medical, government affairs and other enterprise-class cloud services.

This funding was led by a fund managed by China Merchants Securities Co Ltd, and Kingsoft Corp also participated. The company had already secured $60 million in an earlier Series C round of financing.