Qihoo B2B software spin-out raises $132m

The round was announced by AlphaX Partners, which took part in the company's Series A round as its first institutional investor. The identities of the participants in the Series B have not been disclosed. It comes after 360 Enterprise Security secured RMB1.25 billion in pre-Series B funding in November. The investors in that round were not identified either.

In less than two months, the company's valuation has increased by nearly RMB2 billion. Total funding now stands at RMB5 billion.

360 Enterprise Security was founded in 2015 by Qihoo 360, a B2C security software developer that was de-listed in the US by a PE-backed consortium in 2016 and re-listed in Shanghai through a RMB50.4 billion reverse merger in 2018. Following the spin-out, Qihoo retained a sizeable minority stake in the business. It is led by Xiangdong Qi, formerly a president and director at Qihoo.

360 Enterprise Security provides customized security solutions and software to government agencies, internet companies, financial institutions, and state-owned enterprises. It claims to have served more than one million corporate clients, including China Securities Regulatory Commission, China National Petroleum Corporation, Sinopec, and Agricultural Bank of China.

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• Topics
• Greater China
• Technology
• Early-stage
• China
• TMT
• AlphaX Partners
• Qihoo 360