Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, took part in a RMB350m ($50.7m) series C round for China-based financial risk management software developer Bangsun Technology yesterday.
Private equity firm VMS Investment Group led the round, which also featured Chinese state-owned investment holding firm State Development & Investment Corporation (SDIC).
Founded in 2010 and fully known as Hangzhou Bangsun Financial Information Technology, Bangsun provides anti-fraud products including device fingerprint, intellectual property recognition and risk control systems to a customer base of approximately 400 financial institutions.
The company also supplies anti-payment fraud, anti-insurance fraud and anti-money laundering services in addition to credit risk control to help protect customers and help them comply with regulations. It was formed by an academic at Chinese Academy of Engineering.
Bangsun raised $21.7m in series pre-C funding from SDIC in March 2018, according to China Money Network.
Venture capital firm F&G Ventures previously led a $23m series B-plus round for the company in mid-2017 that included Legend Capital, Co-Stone Capital and, according to China Money Network, PingYi Capital.
Legend Capital initially led Bangsun’s $3m series A round in 2015, before backing a $19m series B the following year.
Image courtesy of State Development & Investment Corporation.