T2 Cloud Raises $14 Million
T2 Cloud, an upcoming Chinese cloud provider, has raised RMB100 million or USD $14 million today in a series B round of investment.
This round of investment was led by an unnamed securities company along with a software and integrated system developer called Sinosoft Company Limited. In fact, as a part of the investment, T2 Cloud will partner with Sinosoft to enter the financial industry.
This round of investment is well in tune with the company’s aim to list itself on the domestic stock exchange within the next three years. While this may sound too ambitious in other countries, it’s definitely possible in China simply because the size of cloud computing market here is expected to reach RMB75 billion or USD$11 billion by the end of this year. Out of this, the private cloud market alone is likely to contribute RMB46 billion, that roughly translates to about USD $6.8 billion.
By 2020, the overall cloud market is expected to touch $20 billion and contribution from the private cloud market alone will be $12 billion. Considering this growth, T2 Cloud’s ambitious are not so lofty.
Founded in 2011 and headquartered in the capital city of Beijing, T2 Cloud has developed an open source platform called T2Cloud OS, an automatic tool for maintenance called MaigsStack, a few cloud security solutions and a hyper-converged hardware. It’s target customer base is companies that provide private, hybrid and industrial cloud solutions for different end-clients.
Within a short span of about six years, this company has racketed an impressive list of clients in various industries such as finance, energy, radio, television, government and the fast growing Internet of Things.
So, what made such a dream run possible?
One of the main reasons is that the company was founded with clear goals. Many clients that use open source software such as OpenStack have faced challenges with respect to operations and maintenance. To overcome these problems, T2 Cloud wanted to create solutions that would enable cross data center management, deep monitoring, daily scrutiny and more that would give its clients an edge over competitors who operate in the same segment. So far, it has been successful in its mission.
It’s little wonder then that this company was able to attract clients quickly. Along with good clients, came prospective investors who believed that the company could make it big. Before this round of investment, it raised RMB36 million or USD $5 million from companies like Lenovo Capital, Phoenix Tree Group and F&G Venture.
Overall, the prospects for T2 Cloud is big as it plans to put its proceeds in research and development along with market expansion.