Shenzhen-based identity and access management (IAM) software developer Bamboocloud has collected RMB 300 million (USD 44.4 million) from Sequoia Capital China and Kunlun Capital in a Series C round, gaming and social media company Beijing Kunlun Wanwei (SHZ: 300418) revealed via its official WeChat account on Tuesday.
This marks the largest fundraising deal in the IAM sector, which serves as the foundation of information security, said Beijing Kunlun Wanwei, which owns Kunlun Capital.
Bamboocloud features fully in-house developed software that addresses an organization’s needs to reliably identify users and to control which users get access to which resources, which has been used the Chinese government and companies in a wide variety of industries.
The company’s more than 300 clients include the National Development and Reform Commission, China’s economic planner, the State-owned Assets Supervision and Administration Commission of the State Council, energy giant Sinopec, automaker Dongfeng Motor, real estate developer Country Garden, Agricultural Bank of China, and tech giant Huawei.
In the first half of this year, Bamboocloud’s product and service sales have reached the amount of 2019, said Beijing Kunlun Wanwei, without revealing financial details.
“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 spending on building smart cities and new digital infrastructure,” said Dong Ning, founder and CEO of Bamboocloud, according to Beijing Kunlun Wanwei’s WeChat post.