Lei Jun announces plan to invest $1 billion in Kingsoft Cloud over 3-5 years

If you follow the Chinese tech scene, it’s impossible not to know Lei Jun. And while these days he’s probably best known as the founder and CEO of Xiaomi, Mr. Lei is also still an important figure at Kingsoft, where he still serves as executive director. It was in that capacity that he made an announcement at a Kingsoft press event on Wednesday, saying that the company plans to invest US$1 billion in its Kingsoft Cloud services over the next three to five years.

Fittingly, he called this Kingsoft’s “All-in on Cloud Services” strategy. The investment is doubly meaningful for Lei Jun, as Xiaomi also has an interest in Kingsoft Cloud’s success: Xiaomi bought nearly 10 percent of the company back in 2012.

Currently, Kingsoft Cloud offers a full suite of cloud services including hosting, cloud storage, and developer services. But given this announcement, it’s likely that the service will see significant expansions over the next few years. It may also be more closely integrated with Kingsoft’s core security products.

See: Xiaomi invests $20 million in Kingsoft-owned online gaming company

(Source: Techweb)