China-based smart lock developer Yunding Network Technology has closed a RMB270m ($40.5m) series C-plus round co-led by a subsidiary of trading and technology firm Susquehanna International Group, Marbridge Consulting has reported.
SIG Asia co-led the round with Lan Fund, investing alongside Baidu Ventures and Legend Star, corporate venturing vehicles for internet group Baidu and conglomerate Legend Holdings, as well as Shunwei Capital Partners, China Renaissance K2 Ventures and DT Capital Partners.
Yunding produces smart magnetic locks for homes and apartment buildings that allow users to gain entry using fingerprints or passcodes, as well as a window sensor system, a smart doorbell and advanced electricity and water meters.
The funding will go to research and development, as the company looks to strengthen its security and internet-of-things technology and boost its marketing and supply chain capabilities. Yunding’s devices have been installed a total of more than 1.5 million times.
Baidu had previously led a series C round of undisclosed size for Yunding in October 2017, but the company has not publicly revealed much information about its earlier funding.