Beijing-based anti-fraud solutions provider Shumei Times Technology (Nextdata) recently announced completion of USD 10 mln in Series A funding from Shunwei Capital Partners, Crystal Stream, internet company Baidu's (Nasdaq: BIDU) VC arm Baidu Ventures, and internet services and security software provider Qihoo 360. Funds from this round will be used for product development, technology innovation, market expansion, and talent acquisition.
Nextdata, established in August 2015, previously secured RMB 15 mln in strategic funding from Qihoo 360 shortly after its establishment.
Nextdata uses artificial intelligence technology and big data solutions to provide anti-fraud services in the finance and Internet industries.
Nextdata's content-focused anti-fraud services include identifying spam documents and using image recognition to find content containing pornography, advertising, or elements of terrorism. Its behavioral anti-fraud services include device fingerprint recognition, machine registration identification, and anti-cheating services for marketing promotions. Its financial anti-fraud services include financial intermediary identification, mobile phone number tagging, and yellow pages information.
Nextdata has served hundreds of customers including businesses in the live broadcast, finance, payments, social networking, e-commerce, gaming, and O2O industries, including China CITIC Bank, Qihoo 360, Android device maker Xiaomi, online classifieds site 58.com (NYSE: WUBA), and Baidu's online video subsidiary iQiyi. It also has a strategic partnership with Chinese software developer and online entertainment provider Kingsoft (3888.HK).
Editor's Note: Shunwei Capital Partners is a VC firm founded by Xiaomi CEO Lei Jun, who also also serves as Kingsoft's Non-Executive Chairman of the Board.