IDG co-leads round for China security software developer
IDG Capital and CASH Capital, the VC arm of the state-owned Chinese Academy of Sciences Holdings, has co-led a RMB100 million ($15 million) Series B round for Hansight, a Beijing-based cybersecurity company.
The round came one year after the company closed a RMB30 million Series A round from domestic players Hengyu Investment, Nanjing Gaoke and Cybernaut. Lightspeed China Partners provided seed capital to Hansight in 2014.
The company was founded by former employees at software and technology companies Trend Micro, Microsoft, and Oracle. Hansight’s big data analytics platform enables corporates to detect anomaly user behavior and financial fraud in databases, application systems and networks at the real time. It targets financial institutions, telecom and utility companies, and government agencies. Customers include China Merchants Bank, China Pacific Insurance, and Beijing Gas Group.
Hongwu Chen, a partner at CASH Capital, said the firm is optimistic about the growth of the cybersecurity industry in China and expects Hansight become one of the leading players. The GP is about to set up a cybersecurity industry-focused fund to invest in different verticals.
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