Qihoo 360 spinoff Beijing Qianxin Technology has received approximately $542m from China Electronics Corporation at a valuation of $2.4bn.
China-based network security products vendor Beijing Qianxin Technology is set to raise more than RMB3.73bn ($542m) in funding from telecommunications equipment manufacturer China Electronics Corporation (CEC), China Money Network reported on Friday.
CEC will receive a 22.6% stake in the business and the deal will value Qianxin at $2.4bn. The corporate will be Qianxin’s second largest shareholder, behind chairman and CEO Qi Xiangdong, who is also co-founder and president of cybersecurity software provider Qihoo 360.
Qianxin was spun out of…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
