Qingteng, a Chinese internet security startup, announced on Monday it completed an A-series funding of RMB 60 million (USD 9.3 million) lead by venture capital funds China Broadband Capital and Redpoint Ventures.
Qingteng is the company behind the Adaptive Security Platform product, a security product for businesses in cloud computing. The product has an automated adaptive function that fits in various business scenario for clients. It also claims to be able to detect malicious behaviour found in data through machine learning algorithms.
The startup was founded in August 2014 with seed funding of RMB 6.5 million (USD one million) from the venture capital funds ZhenFund, Fenghou Capital and Cloud Angel Fund. Cloud Angel Fund is backed by China Broadband Capital, one of the primary investors in Qingteng in its most recent round of funding.
Founded in 2006, China Broadband Capital is a venture capital fund specializing in the field of telecommunication and media. Its previous investments cover the companies AirBnB, Evernote and LinkedIn.
The other investor, Redpoint Ventures, is a California-based venture capital firm focused on seed, early and growth-stage companies. The firm currently manages USD 3.8 billion with investments in 434 companies including Netflix and Zendesk.
According to investment advisory institute Cybersecurity Ventures, the global cyber security market will reach an estimated USD 77 billion and hit USD 170 billion in 2020.
In China, over 45% of companies have suffered from security issues of different levels in the past three years, while only 25% of companies surveyed, have comprehensive cyber security protection, according to the first CTO Enterprise Information Security Survey released in November of this year.
With the new Chinese Industrial Security Alliance having been established in November, the industry may see more investment in related fields in the coming year.
(Featured image from Tencent Tech)