One month after deploying its technology on 200 million devices in China, Graphite Software announced Thursday it has closed an oversubscribed round of Series B financing worth $8 million.
The round was led by Beijing-based Zhongguancun Private Equity & Venture Capital Association (ZVCA) and includes participation from Toronto-based strategic investor Green Century Investment and Series A lead investor Celtic House Venture Partners.
Graphite CEO Alec Main said he was pleased with the investors’ support.
“The closing of the financing round demonstrates investor confidence in the market opportunity and our ability to execute. It will allow us to expand the Graphite team in both Ottawa and Beijing and accelerate growth as we capitalize on an enormous market opportunity,” he said in a statement.
The company plans to add 20 staff by the end of the year.
Invest Ottawa first introduced Graphite to ZVCA during Mayor Jim Watson’s trade mission to China in November.
"Nestled within Ottawa's technology hub, the company is a great ambassador for our thriving tech landscape, and I am confident that their growing international partnerships will ensure their continued success,” Mr. Watson said in a statement.
ZVCA president Jason Wang said his group sees “real value” in Graphite’s solution, called Secure Spaces. It is an Android virtualization platform that allows multiple virtual devices or “spaces” to co-exist on a single device, so personal space, kids' space, work space and secure banking spaces never mix. It addresses both security and privacy issues.
"We believe that Graphite has the technology, customer traction, and the team – both in Ottawa and their new Beijing office – that will enable it to achieve its strategic vision,” Mr. Wang said in a statement.
Celtic House partner Brian Antonen said his firm was pleased with Graphite’s progress to date.
“With this latest round of funding in place, Graphite is well-positioned to deliver on market demand from OEMs, brand and content providers who want to provide fundamentally different user experiences to Android device customers,” he said in a statement.