The process mining market in China is currently in its nascent stage, with leading companies demonstrating awareness of process mining and initiating efforts to experiment with process mining technology. However, a significant proportion of other companies have remained hesitant to fully embrace the technology. The requirements of customers for process mining encompass the attainment of process details transparency, process operation monitoring, and efficiency enhancement.
Shanghai EntropyHub Technology Co., Ltd. (hereinafter referred to as "Proxverse") announced the completion of A1 round of financing of over CNY 10 million, led by Saizhi Venture Capital (Chinese:赛智创投) and followed by its old shareholder Everest Venture Capital (Chinese: 朗玛峰创投). The primary allocation of funds is directed towards product development, service ecology construction, and international market expansion.
Founded in 2021, Proxverse is a high-tech company focusing on building a smart process management platform for a future hyperautomation world. PROXVERSE Studio is a comprehensive platform developed by the company that encompasses the entire lifecycle of intelligent process management. This includes modules for Data Fusion, Process Design and Simulation, Process Analysis, Execution Optimization, and Authority Management.
Specifically, the Data Fusion Module is responsible for data import, conversion and calculation to build process mining data models. The Process Design and Simulation Module provides process planning and simulation services to facilitate users to plan business processes and simulate their results. The Process Analysis Module includes core process analysis functions such as process exploration, automated process bottleneck analysis, consistency checking and customization. The Execution Optimization Module provides connection services with external tools. The Authority Management Module manages user permissions at the data model level.
In terms of commercialization, the company's revenue was nearly CNY 10 million in 2022. Up to now, Proxverse has signed 6 projects, including 2 overseas projects, which are from the high-end manufacturing sectors such as finance, biomedical and automotive, with a customer unit price of over one million. In terms of usage scenarios, there are mainly SSC shared service centers and supply chains. In addition, there are a total of 10 projects in the POC stage, including 4 overseas projects. Proxverse aims to establish itself as a process mining-based intelligent management and analysis platform that encompasses the entire life cycle. The company strives to transition into a product-oriented entity and collaborate with partners to create a Process Mining as a Service ecosystem that enables customers to appreciate the benefits of process mining.
According to Gartner, a leading global information technology research and analysis firm, the global process mining market size will grow to USD 2.3 billion in 2025, with a high compound annual growth rate of 33%, while the Chinese process mining market size will grow to USD 500 million. Gartner also revealed that by 2025, 80% of enterprise organizations committed to cost reduction and efficiency improvement will use process mining technology in at least 10% of their business.
In terms of globalization strategy, Proxverse has teams in both China and Europe, with core members having experience in Deloitte, Alibaba, Microsoft, Huawei and other well-known companies, and the team has successful delivery experience of hundreds of projects worldwide. According to the official website, Proxverse's global ecological partners include Yonyou Network (Chinese: 用友网络), SAP, Salesforce and so on.
The major competitors of Proxverse include Chinese companies such as Prothentic (Chinese: 望繁信科技) and Cyclone (Chinese: 弘玑), as well as international players such as iGrafx from the United States and Celonis from Germany.