China-based fraud-prevention technology developer Fudata.cn has received almost RMB100m ($14.2m) in a pre-series B round backed by consumer electronics producer Sichuan Changhong Electric.
The round was led by growth equity fund Delta Capital and included unnamed existing shareholders. Fudata has now raised $39m altogether, according to media reports.
Founded in 2016, Fudata provides enterprises in the financial services sector with a suite of software tools that help detect potentially fraudulent clients, while also supporting accounting and credit scoring activities.
The tools rely on technologies such as artificial intelligence, big data analytics and a cryptography technique known as secure multi-party computing (sMPC). The capital will fund a recruitment drive and further work on Fudata’s sMPC-based product.
Data-driven marketing services provider Shenzhen Mindata Holdings invested $1.6m in Fudata in February 2018, before Mount Morning Capital led a series A round sized at more than $15.6m for the company four months later, according to China Money Network.
The series A round also featured a subsidiary of Broadband Capital along with Datai Capital, Boao Ventures, Media Digital and unnamed strategic investors, according to 36Kr. It followed a reported $7.6m in funding from undisclosed investors in December 2017.