Quanzhi Tech, a Hangzhou-based data security company, announced on Friday that it had completed a B round of financing in which it secured several hundred million yuan. The financing was jointly led by Sequoia China and GGV Capital, as well as previous investors such as FG Venture, Lenovo Capital and Incubator Group, and Volcanics Venture. Voyagers Partners provided exclusive financial advisory services.
This round of financing will be used to increase R&D efforts, establish a product matrix related to data, and form data flow security solutions according to different scenarios and industries.
Quanzhi Tech was founded in Hangzhou in May 2017 by Fang Xing, who has previously worked at Alibaba, Venustech and eEYE. Up to now, the company has received four rounds of financing.
At present, Quanzhi Tech has served customers including China Minsheng Banking Corp., China Telecom and Shenzhen Big Data Bureau.
Thanks to the implementation of China’s Data Security Law and Personal Information Protection Law, 2021 witnessed the development of the domestic data security industry.
Zhou Kui, a partner of Sequoia China, said, “National laws and regulations have made data security a must for enterprises, and the market is facing opportunities for sustained and rapid development. The founding team of Quanzhi Tech realized this very early. We are very happy to cooperate with Quanzhi Tech this time.”