China Digest: 360 Enterprise closes $132m Series B; LiDAR maker Benewake raises funds

The word 'password' is pictured on a computer screen in this picture illustration taken in Berlin May 21, 2013. REUTERS/Pawel Kopczynski/Files

China’s internet security firm 360 Enterprise Security Group has completed a $131.2-million Series B round while LiDAR-maker Benewake also announced its Series B2 financing.

360 Enterprise closes $132m Series B

360 Enterprise Security Group, a Chinese B2B internet security software provider, has closed a Series B financing round worth 900 million yuan ($131.2 million), according to an announcement made by its existing investor AlphaX Partners on Monday.

The new round brings the company’s post-money valuation to 20.65 billion yuan ($3 billion). Investors in the latest round have not been disclosed. The company had secured 1.25 billion yuan ($179.75 million) in pre-Series B financing round last November.

360 Enterprise Security is a spin-off from Qihoo 360, China’s largest internet security firm. 360 Enterprise Security claims it provides protection to over 1 million enterprise customers, including central government ministries and state-owned enterprises.

AlphaX cited that China’s cybersecurity market is expected to exceed 100 billion yuan by 2022 and 360 Enterprise Security is riding the boom in the country’s internet technology sector particularly artificial intelligence, big data and blockchain.

LiDAR maker Benewake closes series B2

Chinese LiDAR maker Benewake has secured an undisclosed sum as part of its Series B2 round led by Delta Capital, Keywise Capital and Valeo LP of Cathay Capital, China Money Network reported.

Its existing investors, IDG Capital and Shunwei Capital, also joined the round.

Benewake is a provider of solid-state LiDAR sensors and solutions, including basic flash LiDAR and 3D LiDAR, widely used in autonomous vehicles, drones, smart-home robots and AGV. Outside China, it has widely sold its products to Europe, America and Asia-Pacific markets.

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