Smart Door Lock Company Yunding Technology Secures Nearly USD15 Million in Round-C Financing
Zhang Xia
DATE:  Nov 01 2017
/ SOURCE:  Yicai
Smart Door Lock Company Yunding Technology Secures Nearly USD15 Million in Round-C Financing Smart Door Lock Company Yunding Technology Secures Nearly USD15 Million in Round-C Financing

(Yicai Global) Nov. 1 -- Yunding Network Technology (Beijing) Co. has secured nearly USD15 million (CNY100 million) of round-C financing which will be used to expand its market and business.

This financing was led by Baidu Ventures, an independent risk investment institution of Baidu Inc. [NASDAQ:BIDU], and the funds raised will be mainly used to consolidate its business-side market business, expand customer-side market business, strengthen the research and development system, optimize supply chains and channels and increase market investment, 36Kr.com reported.

Formed in May 2014, Yunding Technology is an innovation-focused technology enterprise committed to smart home services. The company introduced its first smartphone-activated security door lock in China in 2015. Its series of smart door locks for apartments have grabbed the largest share in the domestic apartment market to date. The company has conducted four financing rounds in the past three years.

Yunding Technology's products mainly relate to smart home security. It owns two major brands, Loock and Dding, for the home application and apartment markets, respectively. Its main products include such smart home security products as fingerprint locks, combination locks, door and window sensors, and door rings, and such smart management products for apartments as smart door locks, smart ammeters, and smart water meters.

The firm's smart door locks have permeated into 50 percent of the markets in such developed political entities as Europe, the US, Japan and South Korea, but the figure is less than three percent domestically. The proportion is expected to reach nearly 50 percent in the next five to eight years. In the coming three to five years, Yunding hopes to seize over 30 percent of domestic market share to rank it first in the industry. The company is anticipated to log annual sales of roughly USD1.5 billion (CNY10 billion) if this goal is achieved.

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Keywords:   Smart Door Lock