Shenzhen Zhuyun Technology also known as Bamboo cloud, a Chinese identity management and access control (IAM) has secured RMB300 million (approximately US$44.4 million) in its Series C funding round according to an statement by one of the backers(Beijing Kunlun Wanwei) on WeChat.
Participating include investors Sequoia Capital China and Kunlun Capital, the investment arm of gaming and social media company Beijing Kunlun Wanwei according to the statement.
The quantum of the funding round makes it the largest single financing in the Chinese identity management and access control sector.
According to the statement fresh capital infusion will utilized towards product development and the deployment of Bamboocloud’s technology to innovative application scenarios such as Identity-as-a-Service (IDaaS) or cloud identity management, zero trust security, industrial Internet security, and smart cities, as well as towards the expansion of its business and ecosystem in key urban areas.
Founded in 2009, Bamboocloud is an information security enterprise which focused on identity management and access control (IAM) domain. The startup specializes cloud application security and developing fully autonomous and controllable localized technology from an underlying code in-house, the statement noted.
As CEO Dong Ning notes according to Beijing Kunlun Wanwei in the WeChat post “A highly agile, safe, and reliable identity management and access control platform which grants and revokes hundreds of billions of visits every day has become a necessity as governments in China at all levels are increasing their investment on building smart cities and new digital infrastructure.”