Tongdun Technology Completes New Series Fundraising with USD 100 Million
By integrating AI into its business scenarios, Tongdun Technology offers professional solutions in intelligent user analysis, intelligent risk management, intelligent antifraud and intelligent operation to clients from various industries.
On April 25, 2019, Tongdun Technology (同盾科技) announces a new series of fundraising of USD 100 million. This round of investment is led by Zhongbai Fund (中白基金) under China Merchants Capital, GGV Capital, and Guangkonghuadeng (光控华登), Guotaiquanqiu (国泰全球) under China Everbright Ltc., followed by previous rounds investors Xindahanshi (信达汉石), etc.
Tongdun Technology, officially founded in 2013, is a professional third-party intelligent risk management and decision-making service provider, headquartered in Hangzhou, Zhejiang.
In 2013, it was regarded as the first year of Internet finance. Various forms of finance represented by P2P, third-party payment, online crowdfunding, and the digital currency continued to emerge. It showed a strong market appeal at the beginning, not only some new venture companies rushed into this area, but some platform-based companies also joined in.
But soon the hidden problems under the prosperous industry began to emerge, long-term high-risk assets covered by short term financing tools, investment from money pool that operated in disorder, and overlaps in different products periods together have accumulated a lot of financial risks. So once the bubble was squeezed, lots of the Internet financial platform began to collapse and in return causing more panic in the market.
Tongdun Technology was born in this background. Tongdun thinks that various innovations in the financial field will eventually migrate their financial services online. A large number of risk loopholes and fraudulent arbitrage behaviors will occur online. The market needs a professional risk management provider. And that is the initial goal of this company.
By integrating artificial intelligence into its business scenarios, Tongdun Technology offers professional solutions in intelligent user analysis, intelligent risk management, intelligent antifraud and intelligent operation to clients from various industries including the financial industry, internet business, logistics, healthcare, retail, smart cities, and government bodies.
Soon after its debut, Tongdun received its CNY 10 million angel round financing by IDG Capital and China Growth Capital. On August 2014, Tongdun received USD 10 million A round of financing led by CDC Capital and followed by Linear Venture, later on May 2015, it received USD 30 million B round of financing led by Qiming Venture Partners . On April 2016, the USD 32 million B+ round of financing led by Advantech Capital and followed by Oriza Chongyuan was completed. Then on October 2017, Tongdun completed its USD 72.8 million C round of financing led by Cinda Sinorock/Tiantu Capital/Temasek Holdings.
Artificial intelligence, cloud computing, and big data are the three core technologies behind Tongdun Technology’s intelligent risk management and anti-fraud including intelligence for the industries of finance, internet, logistics, healthcare, retail, smart cities, and government bodies. Marketing or service providers that incorporate intelligent decision-making products and services as part of their strategy, make decision analysis in each business scenario more reliable. Tongdun Technology not only helps customers improve efficiency and create greater value but also infuse the “Power of technology” in our daily life. AI enables intelligent decisions, allowing change to happen and make lives better.
One thing that might be a concern for Tongdun is that of over 10,000 corporate clients it has, many are P2P companies. However, with the massive shut down of P2P in the coming year, Tongdun should accelerate its customer variety in the near future.