Tongdun Technology announces a Series D+ funding round worth 'Tens of Millions' of USD which will be used to provide better risk control services.
Tongdu Technology. Image credit: Tongdun Technology website
Tongdun Technology officially announced Series D+ financing of 'tens of millions' of US dollars on June 30. Avic Capital International (中航资本国际), GF Global Investment Fund (广发全球投资基金), Zheshang Venture Capital (浙商创投) and a global investment fund participated in this round.
Notably, It has been only two months since Tongdun Technology obtained Series D funding of USD 100 million from China Merchants Capital (招商局资本), GGV Capital (纪源资本), GoldTech Capital (国泰资本), Everbright Ltc. (光大控股), and Xindahanshi Fund (信达汉石) on April 25 this year. The new investors introduced in Tongdun's Series D+ financing round indicate capital market's recognition of Tongdun's business model and positive perspectives on Tongdun Technology's future development.
Chinese AI industry is going through a golden growth period since policies, human capital and other influencing factors continue to be improved these years. Combining artificial intelligence with various business scenarios, Tongdun Technology gradually becomes a unicorn company in China, with market capitalization valued over USD 1 billion nowadays.
The new round of financing deepens dominant position of Tongdun Technology in the fintech industry. Source from IT juzi shows that direct competitors of Tongdun Technology like Bangsun technology (邦盛科技) are all valued below USD 55 million which is extremely low compared with Tongdun Technology.
"Tongdun Technology has close cooperation with various industries and even triggered some significant revolution among those sectors. It shows potentials of growth and investment opportunities for Tongdun Technology," said Sha Jianyuan, a member of board of director from GF Global Investment Fund. With new funding injected, Tongdun Technology is going to insist on product and technology innovation.
Tongdun Technology is a Chinese fintech start-up company founded in 2013. It specializes in risk control services through developing online software solutions for anti-theft and fraud management applications in financial, insurance, payment, online shopping, and social networking companies.