Network security specialist Anxinsec raises $15 million as Beijing targets data management

Network security specialist Anxinsec raises $15 million as Beijing targets data management

Network security specialist Anxinsec Technology has raised more than 100 million yuan ($15 million) in a Series A funding round that valued it at 1 billion yuan.

Led by Hillhouse Capital’s GL Ventures, the new round has attracted several other investors, including V Fund, China Merchants Venture and Bluerun Ventures.

Founded in 2019 by former Baidu mobile security expert Jiang Xiangqian and antivirus virtual machine researcher Yao Jiwei, the Beijing-based startup specializes in developing memory protection systems used to prevent stored data from being stolen. in computer equipment.

Currently, Anxinsec provides its solutions to clients from various industries ranging from finance and energy to transportation and technology.

In July, China’s Ministry of Industry and Information Technology released a draft three-year action plan to develop the country’s cybersecurity industry with an estimate that the sector should be worth more than 250 billion. yuan by 2023 with a compound annual growth rate of 15%.

The draft action plan comes as Beijing steps up its oversight of data storage, data transfer and personal data privacy. Last month, the Cyberspace Administration of China established revised regulations which require any Chinese company holding the personal information of one million or more users to obtain a cybersecurity review before going public outside the country.

Related: Investigators Posted Inside Didi As Part Of Cybersecurity Investigation

Contact reporter Ding Yi ([email protected]) and editor Heather Mowbray ([email protected])

Kevin M. Risinger