China-based internet-of-things (IoT) security product maker Zeepson has attracted more than RMB100m ($14.4m) in a pre-series A round featuring internet group Tencent and venture capital firm LeBox Capital, China Money Network has reported.
Founded in 2008 and officially known as Beijing Zeepson Technology, Zeepson initially focused on military security applications but has since pivoted to mainly supply internet-of-things (IoT) security products for customers in the commercial sector.
Corporate clients now account for approximately 40% of Zeepson’s sales. Its products include automated control systems for co-working spaces, logistics safety management tools, and parking lot access technologies.
The company levies an annual service fee on each IoT security device purchased, and reportedly expects to book more than $14m of turnover in 2019. LeBox Capital had previously invested $720,000 in the company in April 2017, according to China Money Network.