YC alum Cyclone Robotics secures $150 million in Series C round - PingWest

YC alum Cyclone Robotics secures $150 million in Series C round

YC alum Cyclone Robotics secures $150 million in Series C round

November 15, 2021 6:34 pm

China’s robotic process automation (RPA) provider Cyclone Robotics has raised $150 million in Series C round funding, led by CMC Capital Partners and Goldman Sachs Asset Management. Other investors include Lavender Hill Capital Partners, ZWC Partners, V Fund, DCM, Matrix Partners China, and Source Code Capital. It has been the largest single-tranche investment in China’s RPA sector.

Cyclone’s previous Series B round fundraising bagged 40 million last September, led by Matrix Painters China.

Details:

Proceeds from this round will be used to facilitate the technologies in the company’s major product, “hyperautomation,” widening its client portfolio and boosting delivery channels.

Founded in 2015, Cyclone provides enterprises with software in RPA, natural language generation, intelligent interactive assistant, and scene memory and enables users to improve work efficiency by utilizing digital labor.

In March, Cyclone launched a Singapore branch to serve overseas markets, including SE Asia, Japan, the Middle East, Australia, and New Zealand, according to DealStreetAsia. It set up its artificial intelligence (AI) R&D center in Silicon Valley last year.

Context:

The market for robotic process automation software in China is still in an early stage. But in recent years, Cyclone and other startups have bet on this field as labor costs rise and more businesses become familiar with paying for subscription software, according to an analysis by The Information.

Currently, Cyclone has over 500 employees globally. Its clients range from State Grid Corporation of China to Volvo Cars. Cyclone’s competitors include Laiye and ShadowBot.

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