Lanxiang Zhilian, an online security computation company, announced on Wednesday that it had completed an A round of financing worth nearly 200 million yuan ($31.44 Million). This round was led by Xicheng Jinrui and followed by Oriza Prior and Legend Star.
Founded at the end of 2019, Lanxiang Zhilian has secured working agreements with dozens of financial institutions, operators and leading Internet enterprises such as the Industrial and Commercial Bank of China (ICBC), China Telecom, China Mobile and China Unicom. The firm has also become the drafting unit of multi-party computation and learning standards for the People’s Bank of China and the Ministry of Industry and Information Technology.
Tong Ling, founder and chairman of the company, has more than ten years’ working experience in financial technology and data intelligence. After working in ICBC for more than ten years, she joined Ant Group as its chief architect. She has also served as CTO of Sesame Credit and the a founder of Ant Group’s blockchain and privacy-preserving computation platform.
Xu Min, another founder and CEO of the company, joined Alibaba Group as Vice President of Alibaba Cloud and General Manager of Alibaba Financial Cloud’s Business Division in 2014, establishing the financial cloud service from scratch and gaining market leadership.
GAIA, the first financial-grade privacy-preserving computation platform in China, which was developed in-house by the company, includes the secure multi-party computation platform GAIA·Edge, one-stop federated learning modeling platform GAIA· Cube, privacy-preserving computation alliance sharing platform GAIA ·Edge-X, etc. The company’s GAIA series products have already passed the necessary evaluations of many institutions such as CAICT and National FinTech Evaluation Center.
The company has a specialized data operations team for financial institutions. The main content of the service is to provide data and operational tools, solutions and other related services about application, including a series of commercial delivery strategies, customer operation strategies and corresponding operational processes and rules.
After this round of financing, the company will further strengthen its staffing, strengthen its technology R&D, data operations and customer service, and enhance the application of its products in more scenarios.
In 2021, China’s Data Security Law and the Personal Information Protection Law were settled and the attention of all sectors of society about privacy protection and privacy computing also reached a peak.
Gartner, a professional investment research platform, predicts that the global expenditure on data protection and compliance technology driven by privacy-related computations will exceed 100 billion yuan ($16 billion) in 2024. Alibaba’s DAMO Academy also predicts that privacy-related computation will become a cornerstone technology in the security field in the future. It will be integrated with various industries in the future, promoting the digital transformation and upgrading of all walks of life as well as the development of the digital economy.