AVCJ

VCs set for exit as Alibaba buys China cybersecurity start-up

  • Larissa Ku
  • LinkedIn  
  • Google plus  
  • Save this article  

Alibaba Cloud, a subsidiary of Alibaba Group, has agreed to acquire Chaitin Technology, a Chinese cybersecurity start-up backed by Matrix Partners and Qiming Venture Partners.

According to AVCJ research, Chaitin closed a Series C funding round in June 2018 backed by Matrix. This followed the Series B in 2017 backed by Qiming, Zhen Fund, ride-hailing giant Didi Chuxing, and technology-focused VC firm Junsan Capital. Qiming backed a RMB27 million ($3.8 million) Series A in 2016, while Zhen Fund and APU Investment contributed to a RMB6 million angel round in 2015.

Founded in 2014, Chaitin offers intelligent protection for cloud security by identifying security risks using artificial intelligence. Its core product, known as SafeLine, claims an interception accuracy rate of 99%. Customers include Bank of China, China Construction Bank and Bank of Communications.

Leading Chinese cloud providers have increasingly focused on data protection. The Chaitin acquisition is expected to enhance Alibaba Cloud's capabilities in customized security services for large government and enterprise clients. After the acquisition, Chaitin will continue to operate independently and leverage Alibaba Cloud’s network to expand its market share. Financial details have not been disclosed.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs