China Star! Chaitin Tech Secures Over $140 Million in Landmark Funding Round
Pre-IPO Unicorn
Chaitin Tech, a rising star in China's cybersecurity sector, has successfully raised over 10 billion yuan in a major financing round, marking the largest single-round fundraising for a domestic cybersecurity firm in recent years. This milestone sets the stage for Chaitin Tech's independent growth, paving the way for its future IPO.
The funding round was led by Shanghai International Asset Management and its industry funds, including Guohe Investment, Guofang Innovation, and Jinpu Investment. Co-investors included the Social Security Fund's Zhongguancun Innovation Fund, managed by Legend Capital, as well as Guoke Investment, Apple Capital, and Yima Capital. MinTech Capital served as the exclusive financial advisor, with Tongshang Law Firm acting as the legal advisor.
Post-funding, the management team led by Chaitin's founding members will become the largest shareholders, guiding the company into its next development phase and toward a future public listing.
Founded on the battlefield of cybersecurity competitions, Chaitin Tech has evolved amidst the surge in critical infrastructure cybersecurity demands. The company's founders hail from the internationally renowned Tsinghua "Blue Lotus" CTF team, with Chaitin Tech earning numerous championships in national cybersecurity contests like the Strong Net Cup and NetDing Cup. Chaitin Tech has also played a pivotal role in real-world cybersecurity drills across various sectors, earning accolades for its defensive prowess.
Chaitin Tech leads in multiple product categories, including web application firewalls, traffic detection, deception technology, vulnerability scanning, and host security. It provides robust security solutions to over 3,000 clients in finance, telecommunications, government, and energy sectors, supported by a service network spanning more than 30 provinces and 2,000 partners. According to the China Cybersecurity Industry Alliance (CCIA) 2023 report, Chaitin Tech ranks among the top unlisted cybersecurity firms in terms of workforce, product range, and revenue.
As Chaitin Tech celebrates its 10th anniversary in 2024, it aims to enhance its product suite and pioneer new technologies in security AI. The company is committed to advancing intelligent security operations, driven by its cutting-edge offensive and defensive capabilities.
Chaitin Tech’s founder and CEO, Zhu Wenlei, expressed gratitude for the support from new and existing shareholders. He emphasized the company's readiness to seize opportunities and navigate uncertainties, viewing this financing round as a new beginning.
Shanghai International Asset Management highlighted Chaitin Tech's exceptional capabilities and innovative spirit, praising its transition from competition to real-world application. Legend Capital expressed confidence in Chaitin Tech's leadership in offensive and AI technologies, anticipating further product development and market expansion. Guohe Investment commended the team's innovative and execution strengths, looking forward to future collaboration in the dynamic cybersecurity landscape.