On September 21, 2020, ThreatBook, a leading threat intelligence company and a representative of China's next-generation cybersecurity, announced the closing of a RMB 300 million Series D round of funding. This round of funding was jointly invested by V Fund, CICC Capital, CITIC Securities and many other well-known investment institutions.

With the trend of cloud-based and mobile digital assets in various industries in China, cloud computing has become the essential underlying technology architecture for all industries. The scale of enterprise digital assets is increasing; the value and quantity of user data are increasing; and the cyber security threats faced by enterprises are more diversified. Therefore, from both the demand and compliance levels, Chinese enterprises are bound to increase their investment in cyber threat detection, analysis, and protection.

According to the "White Paper on China's Network Security Industry (2020)" released by the China Academy of Information and Communication Technology on September 16, 2020, the scale of China's network security industry has reached 156.359 billion yuan in 2019, and is expected to reach about 170.2 billion yuan in 2020, with a large market scale and stable growth rate. At the same time, the update of national laws and standards, such as the Network Security Law, "Network Security Level Protection 2.0" and "Critical Information Infrastructure Network Security Protection", has also put forward new requirements for active defense and early warning monitoring.

It is in this environment that ThreatBook has taken a unique path of "security SaaS".

Xue Feng, founder and CEO of ThreatBook, believes that under the trend of cloud reconstruction of enterprise IT architecture, it is an inevitable trend for network security products to break through the original technical framework and make full use of new technologies such as big data, cloud computing and artificial intelligence, therefore, the cloud-based SECaaS (Security as a Service) model will gradually replace the traditional software service model based on local deployment and become the standard requirement for a new generation of network security products.

ThreatBook enters the network security market with threat intelligence capability, and builds a comprehensive "detection-response" product matrix based on the core capability of the security cloud with massive intelligence data, to build a new integrated security ecology. Services include threat detection, threat management, cloud-based endpoint response, cloud-based Internet security access, security analysis community and emergency response services, etc., so as to get out the entire range of enterprise network security scenarios, the whole chain of data, and constantly extend the capacity boundary of security cloud to cover more enterprise security scenarios.

ThreatBook is a standardized deployment based on SaaS service model, enabling massive computing power in the cloud for local products. The service is billed based on a number of indicators including the number of hardware and software devices, the number of terminals accessed and the number of years of use. By continuously exploring user needs and improving the product matrix, the renewal rate of ThreatBook exceeds 90% and subscription revenue accounts for nearly 80%. According to Xue Feng, ThreatBook has served more than 300 large enterprise customers and is among the top SaaS companies in China in terms of growth.

Yan Xiong, partner at V Fund, said, "In an increasingly complex IT environment, proactive defense has become a necessity for network security development, and threat intelligence is the key to next-generation proactive defense. At present, China's network security active defense development is relatively weak, and there is huge room for future growth. ThreatBook is the first-class "threat intelligence-based" network security product and service provider in China, and adopts the innovative model of "standardized deployment + SaaS". V Fund has a long-term focus on the development of the cyber security industry and is optimistic about ThreatBook's potential."