Kanbox, a provider of cloud storage and sharing services in China, has raised $20 million in Series B funding. Led by global venture capital firm, DCM, the new funding will be used to further enhance Kanbox products and services, and expand its user base and partner ecosystem, among other things.

Since launching in January of 2011, Kanbox has grown to over five million users and has become one of the largest cloud storage service providers in China.

David Chao (Co-founder, general partner, DCM): The demand for cloud storage services is increasing rapidly – especially in international markets like China, the largest Internet, computer, and mobile market in the world.

China has more than one billion mobile phones and tablets and is home to over 500 million Internet users. Investment in cloud computing projects in China is expected to reach US$154 billion over the next few years according to the Asia Cloud Computing Association.