China-based Trusfort closes Series C round

China-based cybersecurity platform Trusfort has reportedly raised its Series C round on “hundreds of millions of Yuan.”

This investment was led by private equity firm Cathay Fund, according to a report from 36kr. Other participants of the round include Broadband Capital, Yunfeng Fund, SIG, Haoxiang Capital, and Red Dot Venture Capital.

The exact size of the investment was not revealed, but the company previously raised CNY 300m ($44.4m) in its initial Series C round last year, according to China Money Network.

Trusfort is a security system that offers device authentication, terminal security, identity recognition and authentication protocols. Its technology establishes digital identity credentials for users to leverage multi-factor secure authentication to safeguard their systems.

This technology can be used by banks, third-party payment companies and other industries to prevent fraudulent payments, stolen credit card payments or other incidents of fraud.

With the fresh equity, the cybersecurity company plans to increase the implementation of its zero-trust security concept, the article said. The company will also further the research and development initiatives, increase the brand presence and bolster its sales efforts.

Copyright © 2020 FinTech Copyright

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.