BambooCloud, a Chinese IT solutions and services provider specialized in identity and access management (IAM), has raised over RMB100 million (US$14.58 million) in a series B round of financing, shows information updated on Chinese business data provider Tianyancha on Sunday.
The latest round was led by Chinese venture capital firm Oriental Fortune Capital and Fortune Venture Capital, with participation from another local investment firm named "Ziyu Capital" in Chinese.
BambooCloud, fully known as Shenzhen Shenzhen BambooCloud Technology Co Ltd., was founded in 2009 to focus on IAM and cloud application security management. It also provides service-oriented architecture, cloud application architecture and cloud migration consulting services.
The Shenzhen-based company serves Chinese state-owned enterprises in financial, energy and manufacturing industries, including Sinopec Group, CITIC Group, China Railway Group, Sinopharm Group, China Metallurgical Group, Shenzhen Airlines, China Merchants Bank and China State Information Center.
Proceeds of this round will be used for product development and iteration, technology innovation, talent team recruitment, business expansion, and market channel construction, as well as the improvement of technical support service.
The company raised tens of millions of yuan in a series A+ round led by Right Way Venture Capital in August 2018 with participation from China Academy of Science And Technology. The previous round brought the company’s valuation to RMB1 billion (US$145.43 million).