RPA Trending Up, Cyclone Nabs USD 40 Million Series B
The five-year-old company now is scaling amid the RPA investment heat.
China’s robotic process automation (RPA) solution provider Cyclone has completed a Series B financing of USD 40 million backed by China Matrix Partners, DCM, Lenovo Capital, Source Code Capital and R-Z Capital.
Proceeds from the new financial round will be used to expedite RPA product R&D and market expansion. Beyond the domestic market, the company is promoting its RPA services in Southeast Asia. Founded in 2015, the company is headquartered in Shanghai and has set up offices in China and Singapore.
RPA has been trending up since late 2018 in China, and many RPA companies received VC funds amid the investors’ red-hot sentiment. Cyclone completed USD 10 million Series A financing in 2019. Like most RPA products, Cyclone’s RPA products are used in financial and taxation, auditory, human resources, supply chain management, production, operation and other settings that have standard workflows and repetitive occurrences. Along with the deepened digitalization across industries, RPA solution adoption will become a norm.