The anti-fraud technology provider, co-founded by CAE faculty, has received $50.7m in a round led by VMS Investment Group that was also backed by existing investor Legend Capital.
Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, took part in a RMB350m ($50.7m) series C round for China-based financial risk management software developer Bangsun Technology yesterday.
Private equity firm VMS Investment Group led the round, which also featured Chinese state-owned investment holding firm State Development & Investment Corporation (SDIC).
Founded in 2010 and fully known as Hangzhou Bangsun Financial Information Technology, Bangsun provides anti-fraud products including device fingerprint, intellectual property recognition and risk control systems to a customer base of approximately 400 financial institutions.
The company also supplies anti-payment fraud, anti-insurance fraud and anti-money laundering services in addition to credit risk control to help protect customers and help them comply with regulations.
It was co-founded by an academic at Chinese Academy of Engineering, though further details could not be ascertained.
Bangsun raised $21.7m in series pre-C funding from SDIC in March 2018, according to China Money Network.
Venture capital firm F&G Ventures previously led a $23m series B-plus round for the company in mid-2017 that included Legend Capital, Co-Stone Capital and, according to China Money Network, PingYi Capital.
Legend Capital initially led Bangsun’s $3m series A round in 2015, before backing a $19m series B the following year.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
