SDIC Joins $24M Round In Chinese Internet Security Firm SkyGuard

SkyGuard, a Beijing-based Internet security technology company, has raised a RMB150 million (US$24 million) series A round from 360 Enterprise Security Group, China Growth Capital and Guotou Chuangye, a venture capital unit of the State Development & Investment Corp (SDIC).

The Chinese enterprise information security market is growing rapidly and is expected to reach RMB100 billion (US$14.8 billion) in value by the year 2020, according to Chinese media reports. A new Internet security law implemented by the Chinese government is expected to further increase interest in the field.

"We are optimistic about the security industry that SkyGuard is currently focused on. Internet security has been a key issue for Chinese enterprises for a long time, and data security is important for the development of all industries," said Guotou Chuangye in an...

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