China RPA Tech Firm ShadowBot Nets USD 100 Mn in Series C

Technology Author: Yifan Zhang Editor: Yijuan Li Apr 26, 2022 03:43 PM (GMT+8)

The company bags USD 200 million in two years with a focus on user experience


China’s RPA software developer ShadowBot (Chinese: 影刀) announced on April 26 that it raised USD 100 million in its Series C round co-led by Goldman Sachs (GS: NYSE).

Existing backers GGV Capital and GL Ventures also participated in this round.

The proceeds will be used to expand the team for product R&D, the company added.

The tech startup, established in 2019, closed its USD 50 million Series B funding round in July 2021, led by Coatue Management. Backed by other technology-focused investors like Redpoint China Ventures, GSR Ventures, Chuxin Capital, and Incapital, the company garnered nearly USD 200 million in two years.

ShadowBot aims to develop an easy-to-use RPA product to perform repetitive online tasks. It has over 10,000 global enterprise clients including P&G (PG: NYSE), Chinese snack giant Bestore (603719), and China’s telecommunication magnate China Mobile (600941) (Chinese: 中国移动), the company claims in its announcement.

“R&D staff now account for 60% of our team, and the company plans to double the number of R&D employees,” said Lijian Jin, CEO of ShadowBot. 

Another Goldman Sachs-backed domestic RPA service provider Cyclone (Chinese: 弘玑) completed in November 2021 its USD 150 million Series C funding round, co-led by CMC Capital. Other investors include Lavender Hill Capital Partners, ZWC Partners, V Fund, Matrix Partners, and Source Code Capital.