China-based big data technology provider Hangzhou Tongdun Technology has landed tens of millions of dollars in a funding round featuring aerospace and defence equipment producer Aviation Industry Corporation of China (AVIC).
The round included brokerage firm GF Securities’ GF Global Investment Fund, as well as venture capital firm Zheshang Venture Capital and an undisclosed global financial institution. AVIC participated in the round through its corporate venturing arm, AVIC Capital.
Founded in 2013, Tongdun has developed artificial intelligence-powered software products that help financial services firms, insurers, payment providers, e-commerce platforms and social networks to protect their assets and customers from fraudulent behaviour.
The company said it has more than 10,000 customers which include e-commerce marketplace JD.com, internet company Baidu, China Construction Bank and the Industrial and Commercial Bank of China.
The round comes three months after Tongdun collected $100m in a round led by state-owned investment firm China Merchants Capital, according to China Money Network.
Singaporean state-owned investment firm Temasek Holdings led the company’s $72.8m series C round in 2017, investing alongside Tiantu Capital and XinDa Hanshi Capital.
Tongdun had previously received $32m in a 2016 series B-plus round led by Advantech Capital Partners and backed by IDG Capital, China Broadband Capital, China Growth Capital, Qiming Venture Partners, Linear Venture and an unnamed subsidiary of Suzhou Oriza Holdings, the investment vehicle of China-Singapore Suzhou Industrial Park.
China Growth Capital, IDG Capital, Qiming Venture Partners and Linear Venture participated as existing investors according to China Money Network, though Tongdun has not publicly disclosed details of its early financing.