Chinese Internet security provider 360 Enterprise Security Group has raised RMB1.25 billion (US$179.75 million) in series pre-B round of financing, taking its valuation to RMB18.75 billion (US$2.69 billion).
The company did not disclose the investors in this round, saying that it is also closing a series B round of financing. 360 Enterprise Security Group did not immediately respond to China Money Network seeking detailed information on the deal.
The new funding comes at a time when China’s network security market size is expected to exceed RMB100 billion (US$14.40 billion) by 2022, representing an annual growth rate of 30% compared with the RMB35 billion (US$5.04 billion) as of September 2018, Chinese financial publication National Business Daily reported, citing experts at Internet Security Conference in September.
"The fourth industrial revolution, driven by technologies like artificial intelligence (AI), big data and Internet of things (IoT), is bringing the world with significant productivity, which will also be beneficiary to the network security industry," said Qi Xiangdong, chairman and CEO of 360 Enterprise Security Group, in an interview with China’s state-owned newspaper Shanghai Securities News.
Founded in 2015, 360 Enterprise Security Group is an integrated group that provides network security products and services for the government and enterprises. The company has introduced a range of products and services, covering various fields such as big data security, endpoint security, content security and perimeter security.
Chairman and CEO of 360 Enterprise Security Group, Qi Xiangdong, is also the co-founder and president of Qihoo 360, a Chinese internet security company established in 2005 and widely known in China for its anti-virus software, web browser, and mobile application store.
"On the one hand, the emerging technologies such as cloud storage and mobile communication are breeding some brand new network security demand of corporate customers. On the other hand, the government is also raising consciousness of the importance of the network security by improving related regulations," said Qi.
According to information provided by Chinese business data and investigation platform Tianyancha, 360 Enterprise Security Group had received an undisclosed strategic investment from China Capital Management Company in late September.