On November 15, Cyclone, a robotics process automation (RPA) company, announced that it had completed a USD 150 million (CNY 957 million) round of financing, making it the largest Chinese RPA producer by single financing.
Hongji cyclone won the most innovative technology award of AI smart city
The current round of financing was led by CMC Capital, Goldman Sachs Asset Management, Lavender Hill Capital Partners (LHCP) and ZWC Partners, while 100 Summit Partners continued to act as its sole financial advisor. According to Cyclone, this round of financing would be used to further deepen the capabilities of ultra-automated products and technical strength, accelerating the coverage of small and medium-sized customers and strengthening global channel building abilities and partner ecological cooperation.
According to EqualOcean, Cyclone has previously announced two rounds of financing. It received Series A financing of over USD 10 million from DCM and Source Code Capital in 2019, and in September 2020, it completed another USD 40 million in Series B financing (approximately CNY 255 million).
Founded in 2015, the Shanghai-headquartered Cyclone's the main business is developing and selling automated robot process products — digital employees— with independent copyright and intellectual property rights, as well as providing industry integration solutions to users.
With an average annual revenue growth rate of more than 400% since 2019, Cyclone is the only Chinese company that has been selected into the Gartner Magic Quadrant and Forrester Wave at the same time. At present, its products and solutions have been provided to thousands of domestic and overseas customers, covering finance, energy, government, public safety, manufacturing, retail, e-commerce and other industries.