Is there any good cloud based ERP software?

yes sure you can go for Microsoft Dynamics Nav2013 which is avalable via SaaS.

ususally its determined by the type of industry you are operating.

regarding cloud based ERP software - "Open ERP" is a fair option.

Absolutely here are! You can check the full list and ask for free demo on software discovery platforms like softwaresuggest.com

If the objective is to differentiate a uniques Cloud based ERP I dont think any ERP would presently be projecting itself as Cloud Based but compatibility or Software as a Service is a viabile option with many.

Cloud computing (apparently) reduces the cost of hardware, but application and risk needs to be secured...

Microsoft Dynamics Nav2013 is avalable via SaaS. fully funtional from Accounting and finance to Warehouseing and Manufacturing.

Microsoft Dynamics NAV2013 is a business management solution for small and mid-sized organizations that automates and streamlines business processes. Highly adaptable and rich with features, Microsoft Dynamics NAV enables companies to manage their business, including finance, manufacturing, sales, shipping, project management, services, and more. Companies can easily add functionality that is relevant to any area of operation, and that is customized to support even highly specialized industries.

I like Nav because it is100% customisable. and off the shelf can be deployed in a few days not inc Training 

 

Open ERP is available. If you are mentioning exact requirements, then easily suggestable cloud solution.

NetSuite ERP Software : Manufacturers who require production and assembly benefit from the adoption of NetSuite Manufacturing Edition.
The system is integrated with inventory, warehouse management, accounting and financial management, order management, customer relationship management (CRM), and ecommerce.
Partner relationshp mangement (PRM) also allows users to better manage their contact with network partners.
NetSuite is a cloud-based solution delivered over the web as Software-as-a-Service (SaaS).