(Yicai Global) Nov. 30 -- The corporate internet security arm of Chinese antivirus maker Qihoo 360 Technology has closed new funding bringing its valuation to CNY18.8 billion (USD2.7 billion).
360 Enterprise Security Group has secured CNY1.3 billion (USD190 million) in pre-B round financing, the Beijing-based company said in a statement.
"The network security industry is highly driven, powerful and of long cycle," Qi Xiangdong, chairman of 360 ESG, said in the statement. "360 ESG's data-driven security model is recognized by the China Securities Regulatory Commission, China National Petroleum Corporation, China Petrochemical Corporation, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communication and other ministries, central enterprises and large financial institutions."
The round marks the fourth such funding for 360 ESG in two years, while Qi has stated repeatedly that group aims to list independently from Qihoo.
The security industry will become an important pillar for the information industry and 360 ESG can leverage big data to solve security problems, Qi said at the Information Security Technology Conference & Expo 2018 held on Oct. 31. The company boasts confidential security protections as well as supervision technologies that can serve national information security, he added.
Qihoo 360 established 360 ESG in May 2015, as part of efforts to gain a firm foothold in the enterprise internet security sector. The company leverages the parent firm's technical advantages from 360 Security Innovation Alliance, 360 Cyber Security Research Institute, 360 Network Attack and Defense Lab and 360 Vulnerability Research Lab.
Editor: William Clegg