GGV Capital leads $94m Series C round in China’s Qingteng Cloud Security

Qingteng Cloud Security, a Beijing-based technology firm specialising in server security, said on Monday that it has garnered 600 million yuan ($94 million) in a Series C round.

The round was led by GGV Capital, a global venture capital firm that makes seed- to growth-stage investments across consumer, internet, cloud, and smart tech sectors.

Greater Bay Area Homeland Investments, which had led a 300 million yuan ($44 million) Series B+ round in Qingteng in January 2020, reupped in the latest round. The state-backed, 100 billion yuan ($15 billion) PE fund primarily invests in high-tech industries in the Guangdong-Hong Kong-Macau Greater Bay Area.

Other existing investors who participated in the latest round include tech investment bellwether Sequoia Capital China, Redpoint Ventures, TMT-led CBC Capital, and ZhenFund.

The Series C round also attracted two new investors — China Everbright Group’s Broad Vision Funds, and Zoo Capital. 

Qingteng, set up in 2014 by Fu Zhang who had stints with high-tech players like The9 Computer Technology Consulting, 51.com, Shanda China, and Kunlun, provides users with sustained security monitoring, analysis, and rapid response capabilities and it improves response efficiency across public cloud, private cloud, hybrid cloud, physical machine, and virtual machine.

It has served companies and government departments in a wide range of fields including finance, telecom, real estate, energy, transportation, and the internet. It currently has offices in Shenzhen, Shanghai, Guangzhou, and Wuhan. 

Qingteng’s promoter Fu Zhang is the largest shareholder holding a 30.2% stake, followed by Sequoia Capital China with a 12.8% equity interest. The majority shareholders consist of Greater Bay Area Homeland Investments (10.2%), CBC Capital (6.7%), and GGV Capital (5.5%).

In February 2018, Qingteng had raised 200 million yuan ($29 million) in a Series B round led by Sequoia Capital China, with participation from TMT-focused private equity fund China Broadband Capital (CBC), Redpoint China Ventures, the China-focused arm of Silicon Valley’s Redpoint Ventures, and Beijing-based angel fund ZhenFund.

The company also received 60 million yuan ($8.70 million) in a Series A round in 2015, after it raised 6.5 million yuan ($942,494) in an angel round in 2014.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.