(Yicai Global) Feb. 9 -- Lanxiang Zhilian Hangzhou Technology, a financial privacy computing services provider whose clients include Industrial and Commercial Bank of China, has secured CNY200 million (USD31.4 million) in a funding round.

The Series A fundraiser was led by Beijing Xicheng Jinrui Equity Investment Fund Management, the Hangzhou-based startup said in a statement posted on WeChat today. Oriza Prior and existing investor Legend Star also took part.

Set up in 2019, Lanxiang Zhilian has created several privacy computing systems including financial-grade platform Gaia and secure platform Gaia Edge. It helps financial firms, telecoms carriers, and internet businesses boost their ability in digital operations with services in precision marketing, anti-fraud, credit assessment, compliance review, and risk management.

Proceeds from the fundraiser will go to improve its talent base, underlying research and development of technologies, data operations, customer service, and product use scenarios, the company said.

Global spending on data protection and compliance technologies driven by privacy computing will exceed CNY100 billion (USD15.7 billion) in 2024, according to investment research platform Gartner.

Editor: Futura Costaglione