Chinese venture capital firm Fosun RZ Capital has led a RMB150 million (US$23 million) series A+ round in Zhizhangyi, a start-up developing Internet security products for smartphones.
It marks the largest fundraising deal in the Chinese mobile security industry, according to a company announcement. China Growth Capital and APU Investment also participated in the round.
Founded in 2014 and headquartered in Beijing, Zhizhangyi provides mobile security solutions, including mobile app penetration testing, smartphone management and mobile data leakage protection. Its product can manage, alert and protect corporate customer’s mobile services.
In addition, Zhizhangyi has developed virtual security domain technology which can protect smartphones without the support of mobile app developers. It can encrypt data, protect data leakage, delete data remotely and stop dangerous behavior, the company says. The technology can be applied to all versions of both Android and iOS systems, solving a problem faced by many other mobile security solutions.
“Zhizhangyi has outstanding research and development capability. With smartphone getting popular, the amount of data and the types of data are increasing rapidly, and the data is becoming more and more important,” said Wu Haiyan, managing partner at China Growth Capital. "Zhizhangyi’s mobile data protection product will brings value for corporate customers in all industries."
Zhizhangyi currently has customers in the fields of government, financial institutions, manufacturing, energy, aviation and Internet.
The company previously raised a nearly RMB100 million (US$14 million) series A round from unnamed investors. It plans to use the latest proceeds to expand its business, as well as invest in research and development.