Gaocheng Capital Leads $29M Round In Chinese Mobile Security Firm Zhizhangyi

Beijing-based mobile security solutions provider Zhizhangyi Technology has raised a RMB200 million (US$29 million) series B round of financing led by Gaocheng Capital, according to a company statement.

Chang’an Capital and existing investor Beijing Apple Funds investment also participated in this round.

“Mobile security management has become a critical demand for enterprises. Zhizhangyi is a leading service provider for new generation mobile service security management in China. It emphasizes consumer-level experience, scenario industry solutions, and one-stop + full compatibility world-class product capabilities, which have formed a unique first-mover advantage,” said Hong Jing, founding partner of Gaocheng Capital.

Founded in 2013, Zhizhangyi provides mobile security solutions consisting of mobile terminals, transmission terminals and enterprise servers that use cloud security gateways + virtualized security areas (VSA) that independently developed by the company.

It has provided services to over 300 enterprises in financial, manufacturing, energy, aviation, internet and other industries including PICC, Yuantong Express, Yili, Wuliangye, AU Optronics and Suzhou Bank.

The company has signed more than 200 customers this year, with sales volume increased by more than 300% over the same period of last year, says the statement.

Proceeds of this round will be used to products research and development as well as market expansion.

The company previously raised a RMB150 million (US$23 million) series A+ round led by Chinese venture capital firm Fosun RZ Capital, and a RMB80 million (US$12 million) series A round from Fangguang Venture Capital and Apple Funds in 2017.

It also raised a RMB50 million (US$7 million) pre-A round from Lightspeed China Partners in 2015 and a RMB10 million (US$1.5 million) angel round from CDF Capital and Apple Funds in 2014.