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.