China-based cybersecurity software producer NextData secured $135m in series D funding yesterday from investors including internet group Tencent.
Chinese state-backed investment bank Citic Group’s Citic Private Equity Funds Management unit, private equity firm Hopu Investment Management and venture capital firms Matrix Partners China and Xiang He Capital filled out the round.
Also known as Shumei in Chinese, NextData has built artificial intelligence-equipped e-commerce and marketing fraud detection software tools that utilise audio, image and video recognition technology.
Tang Huijun, NextData’s founder and CEO, said: “Under the current trend of high cyber risks, digital economy and network ecosystem environment’s development is facing huge risks.
“After this funding round, NextData will continue to increase investment in research and development and product innovation efforts to empower online economy’s high-quality development.” (Translated from Chinese by Global Corporate Venturing)
Tencent and Xiang He Capital had co-led a $73m series C round for the company in January 2020, investing together with Baidu Ventures, a vehicle for internet group Baidu, as well as Crystal Stream and Shunwei Capital.
Baidu Ventures had joined cybersecurity technology provider Qihoo 360 Technology to provide an undisclosed amount of series B funding for NextData in 2018 alongside Crystal Stream and Shunwei Capital, the four having jointly backed a $10m series A round the year before.
The company had already raised an undisclosed amount of seed funding from Qihoo 360 soon after it was founded in 2015.
