China-based cybersecurity technology provider Qi An Xin raised RMB1.5bn ($210m) in funding yesterday from investors including furniture store operator Red Star Macalline, DealStreetAsia reported.
Venture capital group IDG Capital, VC firm 10Fund, private equity firm Xicheng Jinrui, an undisclosed investment platform of investment holding firm Oriza and a range of unnamed participants also contributed to the round.
Qi An Xin, founded in 2014 as a subsidiary of antivirus software vendor Qihoo 360, markets a range of cybersecurity products that protect assets for government agencies and businesses in sectors such as finance, energy and telecommunications from denial of service attacks, malware and phishing attempts.
The company has grown its headcount to more than 6,500 staff and has expanded beyond China into Indonesia, Singapore and Canada.
Qihoo 360 spun out the business in 2016 before selling its remaining 22.6% stake to two firms affiliated with telecommunications equipment vendor China Electronics for $542m in April 2019.
Qi Xiangdong, co-founder of Qihoo 360, remained the largest shareholder of Qi An Xin with 27.7% as of April this year, though further details about the company’s funding history or shareholders could not be ascertained.
The company’s latest round comes ahead of an anticipated initial public offering on the Sci-Tech Innovation Board, a new market located in Shanghai and launched in June this year, the same month Qi An Xin hired investment bank CSC Financial as an underwriter.
