XSKY Data Technology Valuation, Funding & Investors

XSKY Data Technology is valued at $675M as of December 2022.

Last XSKY Data Technology valuation

$675M

Series F · Dec 2022

Last XSKY Data Technology funding round

$12M

Series F · Dec 2022

Cumulative funding XSKY Data Technology raised

$284M

across 8 funding rounds

Key investors in XSKY Data Technology

  • Qiming Venture Partners
  • Northern Light Venture Capital
  • Redpoint
  • New Enterprise Associates
  • Tencent
  • Legend Capital

XSKY Data Technology Overview

About XSKY Data Technology

XSKY Data Technology is a Beijing-headquartered provider of software-defined storage solutions. The company contributes significantly to the Ceph open-source project, ranking top three globally in code commits. As Red Hat China's sole storage partner, XSKY serves financial services, telecom, transport, and energy sectors with scale-out NAS and object storage. Partnerships include Intel, Samsung, Dell, and Mellanox for hyper-converged infrastructure.


Founded

2015

HQ

ChinaBeijing

Website

xsky.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$675M (Dec 2022)

XSKY Data Technology Valuation

XSKY Data Technology is currently valued at $675M, based on its Series F in December 2022.

XSKY Data Technology's valuation has grown 1.0x from $664M at its Series E in September 2021 to $675M in December 2022, across 2 priced rounds.

XSKY Data Technology valuation by funding round

XSKY Data Technology valuation by funding round
DateStageValuation
Dec 2022Series F$675M
Sep 2021Series E$664M

XSKY Data Technology Funding History

XSKY Data Technology has raised a total of $284M across 8 funding rounds.

XSKY Data Technology's first fundraising round was a $3M angel round in July 2015. The most recent completed round was a $12M Series F in December 2022.

XSKY Data Technology funding rounds

XSKY Data Technology funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2022Series F-$12M$675M-
Dec 2021Series FTencent; V Fund Management; Source Code Capital$63M-XSKY Data Technology, founded in 2015 and headquartered in Beijing, China, specializes in software-defined infrastructure products and services, including converged storage, distributed data storage platforms, and hybrid cloud storage solutions for enterprise-grade distributed storage needs. The company positions itself as a leading data infrastructure technology platform in China. The company announced a Series F funding round in late 2021, raising 400 million yuan ($62.8 million) from investors including Tencent, Source Code Capital, and V Fund Management, matching the specified investors and approximate date of July 12, 2021. This followed an E-round earlier in 2021 led by Kunlun Fund, bringing cumulative financing that year to over 1 billion yuan. XSKY plans to allocate the funds toward enhancing core technology R&D, developing industrial chain capabilities, and improving services for customers in key industries. XSKY competes in the distributed storage space, with total funding reflecting ongoing growth in the sector.
Sep 2021Series EBoyu Capital (lead); Kunlun Capital; Northern Lights Foundation; Broad Vision Funds; CICC Alpha; Qiming Venture Partners; Hundsun; Suzhou Yishang; Legend Capital; Hang Seng Electronics; Zhongjin Qianhai Development Fund$110M$664MXSKY Data Technology (XSKY), founded in 2015 and based in Beijing, China, is a provider of enterprise-grade software-defined distributed storage products, focusing on AI storage solutions including AI data lake storage and AI training & inference (T&I) storage. It offers technical architecture and hybrid cloud model data management solutions, positioning itself as China's largest independent distributed AI storage solution provider by installed capacity in 2024 with 10.4% market share. The company has evolved its offerings with technologies like XEDP unified data platform, XGFS high-performance file system, XEOS object storage, AIMesh, and XScale core storage engine for EB-scale unstructured data and AI-driven architectures. On September 3, 2021, XSKY raised CNY 710 million (approximately $110 million) in a funding round led by Boyu Capital, with participation from investors including Legend Capital, CICC Alpha, Hundsun Technologies, Suzhou Yishang, Northern Light Venture Capital, Qiming Venture Partners, Broad Vision Funds, Hang Seng Electronics, and others such as Zhongjin Qianhai Development Fund. This round, referred to as Series E in some sources and leading into Series F, resulted in a post-money valuation of RMB 4.58 billion. XSKY has raised a total of around $333.53M across multiple rounds up to Series F - II, with investors also including Tencent, Source Code Capital, and V FUND. It began generating revenue from AI T&I storage solutions in September 2021 and AI data lake storage in September 2022. The company serves enterprise customers in AI and big data sectors, competing with firms like DMS, and has filed for a Hong Kong IPO as of recent developments.
Jul 2020Series DChina State-Owned Capital Venture Investment Fund (lead); Qiming Venture Partners$33M--
Apr 2018Series CNew Enterprise Associates (lead); Redpoint; Northern Light Venture Capital; Qiming Venture Partners$38M-XSKY Data Technology (also known as Xingchen Tianhe (Beijing) Data Technology), founded in 2015, is a China-based provider of enterprise-grade software-defined distributed storage products, including cloud data storage solutions controlled by virtualization software to boost performance. The company serves sectors such as government, finance, education, transportation, energy, and manufacturing, with products supporting basic and hybrid cloud storage aimed at expanding in the Chinese market. In early 2018, specifically around April 2018, XSKY raised $37.8 million (or approximately $38 million) in its Series C funding round led by New Enterprise Associates, with participation from Qiming Venture Partners, Redpoint China Ventures, and Northern Light Venture Capital, all of whom were returning investors from prior rounds. This followed a $17.4 million Series B in 2017 and earlier rounds including $8 million Series A in 2016 and a $3.1 million pre-Series A in 2015. Subsequently, XSKY raised RMB320 million ($45.3 million) in a Series D round around 2020, led by China State-Owned Venture Capital Fund with Redbud Capital (Tsinghua Holdings affiliate) and Qiming Venture Capital, bringing total funding to $106 million across five rounds.
May 2017Series BQiming Venture Partners (lead); Redpoint; Northern Light Venture Capital$17M-XSKY Data Technology (also referred to as XSky Beijing Data Technology Co.) is a Chinese data storage firm that raised RMB120 million (US$17 million) in a Series A funding round on May 12, 2017, led by Qiming Venture Partners, with participation from Northern Light Venture Capital and Redpoint. The company focuses on enterprise-grade data storage solutions, initially targeting the cloud and virtualization market established around 2017. Qiming Venture Partners followed on in XSKY's subsequent Series C, D, and Series E rounds, which raised $110 million. By 2024, XSKY had transformed into China's largest independent distributed AI storage solution provider by installed capacity, representing 10.4% market share, with solutions including AI data lake storage and AI training & inference storage.
May 2016Series ARedpoint (lead); Northern Light Venture Capital$8M--
Jul 2015AngelNorthern Light Venture Capital$3M--

Who has invested in XSKY Data Technology?

18 investors have backed XSKY Data Technology across its funding rounds, including Qiming Venture Partners, Northern Light Venture Capital, Redpoint, New Enterprise Associates, Tencent and Legend Capital.

Lead investors include Boyu Capital, China State-Owned Capital Venture Investment Fund, New Enterprise Associates, Qiming Venture Partners and Redpoint.


XSKY Data Technology Investors

Investors in XSKY Data Technology by funding rounds participated
InvestorHQRoundsRoleFirst check
Northern Light Venture CapitalChinaBeijing4ParticipantJul 2015
Qiming Venture PartnersChinaShanghai4LeadMay 2017
RedpointUnited StatesSan Francisco, CA3LeadMay 2016
Boyu CapitalChinaBeijing1LeadSep 2021
China State-Owned Capital Venture Investment FundChinaBeijing1LeadJul 2020
Kunlun CapitalSingaporeSingapore1ParticipantSep 2021
New Enterprise AssociatesUnited StatesSan Francisco, CA1LeadApr 2018
Northern Lights FoundationUnited StatesAtlanta, GA1ParticipantSep 2021
Broad Vision FundsChinaBeijing1ParticipantSep 2021
CICC AlphaChinaBeijing1ParticipantSep 2021
TencentChinaShenzhen1ParticipantDec 2021
HundsunChinaHangzhou1ParticipantSep 2021
Suzhou YishangChinaChina1ParticipantSep 2021

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XSKY Data Technology Competitors

XSKY Data Technology competitors include listed companies like Kingsoft Cloud and Consensus Cloud, and private ones like Qiniu, Hammerspace, Impossible Cloud and MinIO.

Public and private companies comparable to XSKY Data Technology
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
QiniuChinaShanghaiPrivate$208M-$744M3.6x
HammerspaceUnited StatesSan Francisco, CAPrivate--$500M-
Impossible CloudGermanyHamburgPrivate$7M-$470M67.1x
MinIOUnited StatesSan Francisco, CAPrivate--$1B-
Kingsoft CloudChinaChinaPublicly listed$1.4B$414M$2.8B1.8x
Consensus CloudUnited StatesUnited StatesPublicly listed$350M$166M$660M3.1x

XSKY Data Technology Public Comps

XSKY Data Technology is still privately-owned, but its public comps include Consensus Cloud, Whitefiber, Inspur, Qnap Systems, CANCOM, Baudroie, 2CRSI, Plus Alpha Consulting, Ucap Cloud Information and Edarat Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Consensus Cloud$350M$166M3.2x3.1x6.8x5.9x
Whitefiber$79M($2M)12.1x7.9x(412.2x)25.8x
Inspur$172M($31M)3.7x2.7x(20.3x)-
Qnap Systems$196M$54M2.8x2.6x10.0x-
CANCOM$2B$118M0.4x0.4x6.3x5.7x
Baudroie$112M$24M5.2x4.3x24.7x21.0x
2CRSI$254M$8M3.0x1.2x98.0x14.7x
Plus Alpha Consulting$110M$36M4.2x3.8x12.9x9.4x

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Common questions about XSKY Data Technology

When was XSKY Data Technology founded?XSKY Data Technology was founded in 2015.
Where is XSKY Data Technology headquartered?XSKY Data Technology is headquartered in Beijing, China.
Is XSKY Data Technology publicly listed?No, XSKY Data Technology is a private, VC-backed company.
What is XSKY Data Technology's valuation?XSKY Data Technology was last valued at $675M in its Series F in December 2022.
How much funding has XSKY Data Technology raised?XSKY Data Technology has raised $284M across 8 funding rounds.
What was XSKY Data Technology's last funding round?XSKY Data Technology's last funding round was a $12M Series F in December 2022.
Who are XSKY Data Technology's investors?XSKY Data Technology's investors include Northern Light Venture Capital, Qiming Venture Partners, Redpoint, Boyu Capital, China State-Owned Capital Venture Investment Fund, Kunlun Capital, New Enterprise Associates, Northern Lights Foundation, Broad Vision Funds, CICC Alpha and 8 others.
Which companies are comparable to XSKY Data Technology?Companies comparable to XSKY Data Technology include Qiniu, Hammerspace, Impossible Cloud, MinIO, Kingsoft Cloud and Consensus Cloud.

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