CASH Capital (Beijing) Investment Management Co., Ltd. and IDG Capital have led a RMB100 million (US$14 million) series B round in HanSight, a Beijing-based smart security software start-up.
HanSight was founded in 2014 by Gao Hanzhao, former head of research and development at multinational security software company Trend Micro Inc.
Unlike existing signature-based intrusion detection systems, HanSight’s products use machine learning to identify abnormal behavior in databases, application systems, networks and security devices, enabling enterprises to shift from a passive to active defense posture. It is expected that the global smart security market size will grow to US$23 billion in 2020, from US$8 billion in 2016, according to Technavio.
The company claims its core product, HanSight NTA, has an accuracy rate of 99% in terms of detecting malware programs, and is ten times faster than popular security software Sandboxie. HanSight targets financial institutions, police departments and government agencies. Its customers include China Merchants Bank, China Construction Bank Corp and China Pacific Insurance Co., Ltd., according to a company announcement.
The start-up previously raised a RMB30 million (US$4 million) series A round from Hengbao Co., Ltd., Nanjing Xingang High-Tech Co., Ltd., and Cybernaut in June 2016. It received an investment round worth millions of RMB from Lightspeed China Partners in 2014.
It plans to use the latest proceeds to develop products specifically designed for financial institutions and police departments.