China-based smart lock maker Yunding Technology has raised RMB600m ($87m) in a series D round led by internet group Baidu, China Money Network reported yesterday.
Quantitative trading firm Susquehanna International Group’s SIG China unit took part in the round, as did venture capital firms Shunwei Capital and K2VC.
Yunding develops and sells smart home devices such as door locks and water meters to be integrated into rental apartments, hotels and commercial residences, in addition to providing them directly to consumers.
The company launched a smart lock in 2017 that can be controlled through the connected device system produced by electronics manufacturer Xiaomi. It has also partnered appliance producers Haier Group and TCL in the development of smart fridges and freezes and voice-controlled speakers.
Baidu and Legend Star, an early-stage investment vehicle for conglomerate Legend Holdings, took part in a $40m series C-plus round for Yunding in July 2018 that included Shunwei Capital, K2VC and DT Capital Partners, according to China Money Network.
Yunding has not disclosed any previous funding but it counts Xiaomi, conglomerate Fosun International, home furnishing retailer Red Star Macalline, Lun Fund and Harvest Investment as existing investors, China Money Network stated.