Network security specialist Anxinsec Technology has raised more than 100 million yuan ($15 million) in a series A funding round that valued it at 1 billion yuan.
Led by Hillhouse Capital’s GL Ventures, the new round attracted several other investors including V Fund, China Merchants Venture and Bluerun Ventures.
Founded in 2019 by former Baidu mobile security expert Jiang Xiangqian and antivirus virtual machine researcher Yao Jiwei, the Beijing-based startup specializes in developing memory protection systems used for preventing data stored in IT equipment from being stolen.
Currently, Anxinsec provides its solutions to customers from a variety of industries ranging from finance and energy to transportation and technology.
In July, China’s Ministry of Industry and Information Technology issued a draft three-year action plan to develop the country’s cybersecurity industry with an estimate that the sector is likely to be worth more than 250 billion yuan by 2023 with a compound annual growth rate of 15%.
The draft action plan comes as Beijing tightens its oversight of data storage, data transfer and personal data privacy. Last month, the Cyberspace Administration of China laid out revised regulations that require any Chinese company holding the personal information of 1 million or more users to get a cybersecurity review before going public outside the country.
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