China cybersecurity provider BambooCloud raises $44m

Kunlun Fund, the investment arm of Shenzhen-listed videogame publisher Kunlun Wanwei Technology, also participated. It is being touted as the largest round to date in the identity and access management (IAM) sector.

BambooCloud raised over RMB100 million in its Series B in 2019, which was co-led by Shenzhen Oriental Fortune Capital and Fortune Venture Capital, with support from Ziyu Investment, according to AVCJ Research.

The company offers software that aims to reliably identify its users within an organisation and control who get access to certain resources. It claims to have accumulated as many contract sales in the first half of 2020 as in all of 2019.

BambooCloud has more than 300 clients, including government entities National Development and Reform Commission, and State-owned Assets Supervision and Administration Commission of the State Council, as well as energy giant Sinopec, automaker Dongfeng Motor, real estate developer Country Garden, tech giant Huawei, and Agricultural Bank of China.

Dong Ning, founder of BambooCloud, said that new infrastructure initiatives such as smart city projects have made IAM a necessity as part of the broader digitalization process.

Previous activity in this space, Hangzhou-based Meichuang raising a RMB150 million ($21 million) round led by CBC Capital and Sharewin Investment. Meichuang operates a zero-trust data security service for more than 3,000 enterprises and institutions.

Earlier this year, DataCloak, a Shenzhen-based start-up that also uses a zero-trust system, raised $13 million in Series A funding led by Jeneration Capital.

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• Topics
• Greater China
• Expansion
• Technology
• China
• Cybersecurity
• Sequoia Capital