China-based data circulation technology developer Huakong TsingJiao Information Science has secured RMB500m ($78m) in a series B round featuring data integration service XunceTech and electronics providers Lenovo and Oppo.
Financial services firms China International Capital Corporation and Shanghai Pudong Development Bank’s Puxin Capital unit also took part in the round, as did China Renaissance, Beijing Zhongguancun Science City Construction Holding, Everest VC and Cowin Capital.
Lenovo invested through its corporate venturing unit, Lenovo Capital, and the round took the company’s valuation to more than $621m.
Founded in 2018 at Tsinghua University, Huakong TsingJiao is developing private computing technology that helps organisations meet standards set out by China’s data security law and personal information protection law.
Stock market operator Hong Kong Exchanges and Clearing had paid an undisclosed sum for a minority stake in Huakong TsingJiao in 2019.
The company’s existing shareholders also include Tsinghua University’s Tsinghua Holdings subsidiary, Gaorong Capital, Lotus Lake Capital and National Internet Finance Association of China’s Zhonghu Jiaotou Fund Management vehicle.
