Internet of Things (IoT) security solutions provider Ingeek on Wednesday announced the completion of its Series C round at almost 300 million yuan ($41.4 million), as it explores overseas opportunities by servicing China’s going-global intelligent connected vehicles.
German automotive supplier Continental AG and an RMB-denominated venture capital (VC) fund managed by China’s Qifu Antai Investment Management invested in the deal. Chinese investment bank InvesTarget served as the exclusive financial adviser, Ingeek said in a statement.
Ingeek was established in 2008 to provide corporate clients across sectors like automotive, finance, healthcare, manufacturing, and communications with industry-level network security products and security operation services.
The firm pivoted to the development of IoT security products for intelligent connected vehicles in 2018. It launched its self-developed “digital key“ solutions to ensure ID authentication, encryption, and overall security amid a rise in data sharing among auto industry stakeholders including original equipment manufacturers (OEMs), auto insurance & financing firms, maintenance services providers, and ride-sharing platforms.
Ingeek’s CEO Shan Hongyin said in the statement that the new funding will allow the firm “to deepen its research and innovation in the smart car space” and “to promote the development and application of smart vehicle technologies.” Shan said that the firm looks to assist Chinese OEMs in their going-global strategies, to build “an open, synergetic, and highly efficient intelligent vehicle ecosystem.”
The Shanghai-headquartered firm said that it is bringing its “digital key” solutions to overseas markets like Europe, the Middle East, Central Asia, and Southeast Asia.
It claims to have forged partnerships with over 50 auto OEMs in China and globally, with its mass-produced digital key solutions being adopted by some 200 vehicle models as of November 2023. Some of its OEM clients include Japan’s Toyota Motor and its luxury car brand Lexus, Geely Holding Group, Ford Motor, as well as Chinese state-owned auto groups Guangzhou Automobile Group (GAC) and SAIC Motor Corp.
The Series C round came over one year after Ingeek raised 200 million yuan ($27.6 million) in a Series B+ round. China’s hard tech-focused growth equity investment firm TH Capital and Security Capital, which is backed by listed cybersecurity company Qi An Xin Technology Group, jointly led the previous deal.
Its earlier backers also include Bojiang Capital, PICC Capital, and CMBC International.
