China-based security risk management tech company Hangzhou Tongdun Technology has raised $32 million in a Series B round led by Advantech Capital, an investment firm focusing on technology, media and telecommunications, healthcare as well as other e-services in China.
Other investors that participated in this round include Suzhou Oriza Holdings, Co. Ltd., and others which have participated in previous rounds: Qiming Venture Partners, CBC (China Broadband Capital), China Growth Capital, IDG Capital Partners, and Linear Venture.
Founded in October 2013, the company has grown from over 10 staff to around 300 people on its payroll, the company said in a press release. It primarily provides its anti-theft and fraud management services to financial, insurance, payment, online shopping and social networking companies.
According to Tongdun Technology, it has entered into partnerships with Credit Ease, Heng Chang, Koudai.com, Meituan.com, and nearly 3,000 others.
Jiang Tao, the CEO of Tongdun Technology, said in a statement that the company is honoured to be able to work with Advantech Capital and Suzhou Oriza Holdings, and believe that this partnership will bring the firm top-notch management experience and plenty of clients. In the future, they will continue to expand the amount of data they have, and add more ways of doing business, in order to become one of the leading big data companies in the country, he said.
According to Advantech Capital’s founder and managing partner Yu Jianming, Tongdun Technology has a management team that has a wealth of experience under their belt and a unique business model. In the Internet, financial risk management and anti-fraud sectors, it has already secured a dominant position, he said.
Research and Markets has valued the global fraud detection and prevention, as well as anti-money laundering market, at $21.4 billion by 2019, which is a significant jump from $9.62 billion in 2014.