Beijing-based smart door magnetic lock maker Yunding Network Technology recently completed RMB 270 mln in Series C+ funding jointly led by Lan Fund and SIG Asia Investments, with participation from Shunwei Capital Partners, Chinese internet conglomerate Baidu's (Nasdaq: BIDU) Baidu Ventures, Legend Star, China Renaissance K2 Ventures, and DT Capital Partners. The funding will primarily be used for R&D of Yunding's core Internet of Things (IoT) and security technology, as well as investments in supply chain and marketing channels.
Yunding specializes in smart home security products, and its two major brands "Loock" and "Yunding" are targeted towards individual home use and apartment building markets, respectively. The Loock line features multiple smart home security products, including fingerprint door locks Touch and Classic, a passcode door lock called Number, a door and window sensor called Monitor, and a doorbell called Bell. The Yunding line features products such as an apartment building smart door lock, a smart electricity meter, and a smart water meter, as well as smart management SaaS solutions for the above products.
Yunding's smart home security products currently have an apartment market share of more than 60% with over 1.5 mln equipment installations and 5,000 partnering apartments. Yunding is growing at nearly 300% annually.
Editor's Note: For more information on this topic, please see Baidu Leads Series C Funding of Smart Door Lock Developer Yunding, MD 10/31/17 issue.