Chinese mobile security player Zhizhangyi raises $29m
Zhizhangyi, a Chinese mobile security solutions provider, has raised RMB200 million ($29 million) in Series B funding led by Gaocheng Capital, a growth investment firm established by Jing Hong, formerly a partner at Hillhouse Capital.
Additional contributions came from Chang’an Capital and Apple Funds. Zhizhangyi previously received RMB430 million in an extended Series A round at the end of 2016 from GGV Capital, Kinzon Capital, China Growth Capital, THG Ventures and F&G Venture. Gaocheng, Chang’an and Apple also took part in that round.
Zhizhangyi’s has developed a technology architecture that facilitates the provision of customized security and monitoring software for different types of mobile device. Other business lines include due diligence systems that utilize big data and facial recognition technology. Most of its employees are R&D specialists.
The company has contracts with more than 200 corporate clients, with dairy giant Yili Group, logistics player YTO Express, and insurer PICC Group among its largest counterparties. It claims sales revenue for 2018 was tracking up 300% year-on-year as of October.
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