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- Qi An Xin
Qi An Xin Revenue, Valuation, Funding & Investors
Qi An Xin is valued at $3B as of September 2022, a 3.3x multiple on its last reported $902M revenue.
Last Qi An Xin valuation
$3B
Series B · Sep 2022
Last Qi An Xin funding round
$14M
Series B · Sep 2022
Qi An Xin revenue
$902M
Series B · Sep 2022
Key investors in Qi An Xin
IDG Capital
Everest Venture Capital
Red Star Macalline Group
10Fund
AlphaX Partners
Kingray Capital
About Qi An Xin
Qi An Xin Group is a cybersecurity provider protecting internet assets for government, finance, energy, and telecom sectors in China. Beijing-headquartered since 2014, it expanded internationally to Indonesia, Singapore, Canada, Hong Kong, and Macao starting in 2019. Its technologies secure 90% of government departments and major state-owned banks through threat detection platforms and endpoint protection deployed by over 6,000 professionals.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
Revenue
$902M (Sep 2022)
Valuation
$3B (Sep 2022)
Qi An Xin Valuation
Qi An Xin is currently valued at $3B, based on its Series B in September 2022.
The $14M round was led by Everest Venture Capital, with participation from Ningbo Tongshang Fund, Ningbo Angel Investment Guidance Fund and Ningbo Intellectual Property Operation Fund.
Qi An Xin's valuation has grown 1.1x from $2.7B at its Series A in November 2018 to $3B in September 2022, across 5 priced rounds.
Qi An Xin valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2022 | Series B | $3B | 3.3x |
| Sep 2019 | Undisclosed stage | $3.2B | 7.1x |
| May 2019 | Secondary | $2.4B | 5.2x |
| Jan 2019 | Series B | $3B | 6.7x |
| Nov 2018 | Series A | $2.7B | - |
Qi An Xin Revenue
Qi An Xin's latest recorded revenue is $902M, as of its Series B in September 2022. At a $3B valuation, that implies a 3.3x revenue multiple.
Revenue grew from $457M in January 2019 to $902M in September 2022, while the revenue multiple moved from 6.7x to 3.3x.
Qi An Xin revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2022 | $902M | $3B | 3.3x | Series B |
| Sep 2019 | $458M | $3.2B | 7.1x | Undisclosed stage |
| May 2019 | $458M | $2.4B | 5.2x | Secondary |
| Jan 2019 | $457M | $3B | 6.7x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Qi An Xin Funding History
Qi An Xin has raised a total of $538M across 4 funding rounds, plus 1 secondary share sale.
Qi An Xin's first fundraising round was a $180M Series A in November 2018. The most recent completed round was a $14M Series B in September 2022.
Qi An Xin funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Series B | Everest Venture Capital (lead); Ningbo Tongshang Fund; Ningbo Angel Investment Guidance Fund; Ningbo Intellectual Property Operation Fund | $14M | $3B | Qi An Xin is a Chinese cybersecurity company that achieved unicorn status with a $3B valuation after raising a total of $536M, including investment from Everest Venture Capital. The company, also known as 360 Enterprise Security Group, completed multiple funding rounds culminating in an IPO raising $770.85M in July 2020, with a prior valuation noted in September 2019. |
| Sep 2019 | Undisclosed stage | IDG Capital (lead); Kingray Capital (lead); Red Star Macalline Group; 10Fund | $211M | $3.2B | Qi An Xin (Qi An Xin Technology Group Inc.), also known as QAX, is a leading Chinese cybersecurity company providing enterprise security solutions, including threat detection, network security, and cloud security services. The company, listed on the Shanghai Stock Exchange under SHA:688561, focuses on protecting digital assets for governments and enterprises in China. Qi An Xin operates in a competitive Chinese market against players like 360 Enterprise Security, leveraging its expertise in next-generation security technologies. In September 2019, Qi An Xin raised approximately $210.9 million in a VC round led by IDG Capital and Kingray Capital, with participation from 10Fund and Red Star Macalline. The 2019 round supported further product development and market penetration. The company continued expanding, achieving annual revenue of 4.16B CNY in 2020, rising to 5.81B CNY in 2021, before peaking at 6.44B CNY in 2023, followed by a decline to 4.35B CNY in 2024. By 2025, it employed 7,570 people with trailing twelve-month revenue of 4.33B CNY as of March 2025, and a market cap of 29.69B CNY. |
| May 2019 | Secondary | China Electronics Corporation (lead) | $540M | $2.4B | Qi An Xin Group is a Chinese cybersecurity company providing network security products and services to government enterprises, central government departments, and large banks, serving 90% of enterprises directly under central government. The company announced a strategic partnership with state-owned China Electronics Corp on May 10, 2019, under which China Electronics Corp acquired a 22.59% stake for 3.73 billion yuan ($578 million), becoming the second-largest shareholder. This transaction implies a company valuation of 16.52 billion CNY. In January 2019, Qi An Xin had raised 900 million yuan in its Series B round at a valuation exceeding 20 billion CNY. |
| Jan 2019 | Series B | AlphaX Partners | $133M | $3B | Qi An Xin is a China-based cybersecurity firm spun off from Qihoo 360 in 2016, specializing in AI, big data, and safety operation technologies for products serving government agencies, enterprises in finance, energy, telecom, and state-owned entities. The company raised a 1.5 billion yuan pre-IPO round in 2019 from investors including Red Star Macalline, IDG Capital, Xicheng Jinrui, 10Fund, and others, achieving a post-money valuation of 23 billion yuan, equivalent to over $3.2 billion USD. AlphaX Partners is confirmed as an equity holder and early backer from prior rounds around 2017-2018, though the exact $132.6 million investment (approx. 900 million yuan) is noted in investor profiles for 2019 without valuation linkage. In 2019, Qi An Xin reported 3.15 billion yuan in revenue, up from 1.82 billion in 2018 and 821 million in 2017, reflecting a 96% CAGR, while net losses narrowed to 552 million yuan from 952 million the prior year. Cumulative funding reached about 6.5 billion RMB across multiple rounds, including 2.15 billion RMB in 2018 and 1.5 billion in 2019, supporting R&D with over 40% of its 7,000+ employees dedicated to cybersecurity innovation. Post-round, Qi An Xin pursued a RMB4.5 billion ($634 million) IPO on China's Star Market in 2020, providing exits for stakeholders like China Electronics Corporation (38.3% stake) alongside CEO Qi Xiangdong's 38.4% holdings. Earlier, Qihoo 360 divested its 22.6% stake to CEC affiliates for 3.73 billion yuan in April 2019. |
| Nov 2018 | Series A | - | $180M | $2.7B | Qi An Xin is a China-based cybersecurity technology provider spun off from Qihoo 360 in 2016, offering products to protect government and business assets from denial-of-service attacks, malware, and phishing. Qi An Xin had grown to over 6,500 staff and expanded internationally to Indonesia, Singapore, and Canada. The company positioned for growth in IS and new generation IT infrastructure segments with projected margin improvements. Qihoo 360 sold its remaining 22.6% stake for $542 million in April 2019, with co-founder Qi Xiangdong holding 27.7% as the largest shareholder. The round preceded an anticipated IPO on Shanghai's Sci-Tech Innovation Board, with CSC Financial hired as underwriter in June 2019. Post-round, Qi An Xin listed on the Star Market in 2020 to fund business expansion for high-profile cybersecurity clients. Competitors like Sangfor share similar revenue sizes and models; analysts applied a 19x PS ratio for 2020 targeting CNY 120.7 per share. |
Who has invested in Qi An Xin?
10 investors have backed Qi An Xin across its funding rounds, including IDG Capital, Everest Venture Capital, Red Star Macalline Group, 10Fund, AlphaX Partners and Kingray Capital.
Lead investors include Everest Venture Capital, IDG Capital, Kingray Capital and China Electronics Corporation.
Qi An Xin Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2019 | ||
| 1 | Lead | May 2019 | ||
| 1 | Lead | Sep 2019 | ||
| 1 | Lead | Sep 2019 | ||
| 1 | Participant | Jan 2019 | ||
| 1 | Lead | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by Qi An Xin
Qi An Xin has invested in 6 companies to date.
Latest investment by Qi An Xin was on December 5th 2025. Qi An Xin invested in Maixi Software in their $14M Undisclosed stage round.
Latest Investments by Qi An Xin
| Description | Maixi Software is a engineering firm developing computer-aided design and optimization software for simulation and analysis. | Fosafer is a Beijing-headquartered information security company utilizing AI for internet content moderation, trusted identity authentication, and scalable voice biometrics. Its multi-modal systems overcome limitations of single biometric methods by fusing facial recognition, voice analysis, and behavioral data. Deployed in China, the technology secures online platforms, financial services, and enterprise communications against fraud and unauthorized access. | Fengtai Technology is a Fuzhou-based provider of industrial information security services focused on chemical control safety consulting and evaluation for key infrastructure. It serves government agencies, industries, design institutes, research organizations, integrators, and hardware-software manufacturers in Fujian and Taiwan regions using visual tools, processes, and customized risk management solutions. | Xiaoyu Yilian, known as XYLink, supplies online video conferencing solutions with hardware endpoints and cloud services at xylink.com. Products support HD meetings, screen sharing, and wireless presentation for enterprises. The company invests in sales expansion and R&D for enhanced features. | |
| HQ Country | |||||
| HQ City | - | Beijing | Beijing | Beijing | |
| Deal Date | 5 Dec 2025 | 24 Mar 2022 | 25 Jan 2021 | 15 Nov 2020 | |
| Round | Undisclosed stage | Seed | Series A | Series D | |
| Raised | $14M | $16M | $11M | $61M | |
| Investors | Xiangjiang State Investment; Shenzhen Capital Group | China Resources Capital-China Resources Xianglianhe Fund.; Yi Capital; Zhongguancun Science City Science | IDG Capital; Oriza Holdings | GP Capital; Dunhong Capital Management; Shanghai GuoHe Capital | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Qi An Xin investments and their VC round multiples. Start Free Trial | |||||
Qi An Xin Competitors
Qi An Xin competitors include listed companies like AvePoint and NetScout Systems, and private ones like Claroty, Dream Security, Forter and Nord Security.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $200M | - | $3B | 15.0x | ||
| Private | $100M | - | $3B | - | ||
| Private | $200M | - | $3B | 15.0x | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $419M | $42M | $2.9B | 5.1x | ||
| Publicly listed | $859M | $163M | $2.9B | 2.6x |
Qi An Xin Public Comps
Qi An Xin is still privately-owned, but its public comps include Cellebrite, AvePoint, NetScout Systems, QiAnXin, Venustech Group, Tenable, A10 Networks, Clear Secure, CETC Cyberspace Security and Progress Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $476M | $79M | 5.4x | 4.8x | 32.3x | 17.3x | |||
| $419M | $42M | 5.9x | 5.1x | 58.4x | 27.4x | |||
| $859M | $163M | 2.6x | 2.6x | 13.9x | 9.5x | |||
| $655M | ($147M) | 4.6x | 4.5x | (20.4x) | (41.4x) | |||
| $349M | ($60M) | 6.6x | 6.0x | (38.4x) | (176057.4x) | |||
| $999M | $31M | 4.1x | 3.9x | 129.9x | 15.3x | |||
| $291M | $62M | 6.3x | 5.7x | 29.4x | 19.1x | |||
| $901M | $216M | 3.7x | 3.2x | 15.3x | 9.5x | |||
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Common questions about Qi An Xin
| When was Qi An Xin founded? | Qi An Xin was founded in 2014. |
| Where is Qi An Xin headquartered? | Qi An Xin is headquartered in Beijing, China. |
| Is Qi An Xin publicly listed? | No, Qi An Xin is a private, VC-backed company. |
| What is Qi An Xin's valuation? | Qi An Xin was last valued at $3B in its Series B in September 2022. |
| How much funding has Qi An Xin raised? | Qi An Xin has raised $538M across 4 funding rounds. |
| What was Qi An Xin's last funding round? | Qi An Xin's last funding round was a $14M Series B in September 2022, led by Everest Venture Capital. |
| Who are Qi An Xin's investors? | Qi An Xin's investors include Ningbo Tongshang Fund, Red Star Macalline Group, China Electronics Corporation, IDG Capital, Kingray Capital, AlphaX Partners, Everest Venture Capital, Ningbo Angel Investment Guidance Fund, Ningbo Intellectual Property Operation Fund and 10Fund. |
| What is Qi An Xin's revenue? | Qi An Xin's latest recorded revenue is $902M (September 2022). |
| What is Qi An Xin's revenue multiple? | Qi An Xin's latest valuation implies a 3.3x revenue multiple ($3B valuation on $902M of revenue). |
| Which companies are comparable to Qi An Xin? | Companies comparable to Qi An Xin include Claroty, Dream Security, Forter, Nord Security, AvePoint and NetScout Systems. |
| How many companies has Qi An Xin invested in? | Qi An Xin has invested in 6 companies, including Maixi Software, Fosafer, Fengtai Technology, Xiaoyu Yilian, PENSEES and Jiaotu Technology(Pepper Map Technology). |
| What was Qi An Xin's last investment? | In December 2025, Qi An Xin invested in Maixi Software's $14M undisclosed-stage round alongside Xiangjiang State Investment and Shenzhen Capital Group. |
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