China Deal Monitor: Qingteng closes $44m in Series B+ and more updates

… Capital (CBC), Redpoint China Ventures, the China-focused arm of Silicon Valley’s Redpoint Ventures, and Beijing-based angel fund ZhenFund.
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Qingteng Cloud Security, a Beijing-based technology firm specialising in server security, has secured 300 million yuan ($44 million) in a Series B+ round of financing led by Greater Bay Area Homeland Investments Limited.

Following the transaction, Qingteng plans to leverage its capabilities in server security, cloud security and data security to help build a digitized Greater Bay Area, according to a company statement on Tuesday.

The Greater Bay Area, created in July 2017, is a Chinese government scheme seeking to connect 11 cities, such as Hong Kong, Macau, Shenzhen, Guangzhou, and Zhuhai, into an integrated economic and business hub.

Qingteng, founded in August 2014, serves 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.

Proceeds will be used to build a more comprehensive product matrix, increase investment in the technological R&D of server security, recruit talent, and expand business nationwide, according to the statement.

In February 2018, Qingteng 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.

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out prominent venture capital transactions in the Greater China region from January 13-14, 2020.

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