Thank you for subscribing.

Please check your email to confirm.

Unsubscribe success..

You already subscribed and confirmed.

Please check your email.

You already subscribed.

Please check your email to confirm.

Encootech Raises 'Tens of Millions' of CNY in Series A+ Round of Funding
Encootech Raises 'Tens of Millions' of CNY in Series A+ Round of Funding
Programming language codes. Image credit: Markus Spiske/Unsplash
Associated Company
EqualOcean EqualOcean

Chinese high-tech company Encootech announced a Series A+ round of funding worth ‘tens of millions’ of CNY on August 12, according to 36 Kr. Sequoia China (红杉中国) is the sole investor in this round.

The private-held company was founded in July 2017 and already obtained ‘tens of millions’ of USD in Series A financing round on June 26 this year. Two leading institutional investors GSR Ventures (金沙江创投) and Future Capital (明势资本) poured the money in. So far, with Sequoia China joining, Encootech has introduced three reputable investors.

Headquartered in Shanghai, Encootech is the first high-tech company in China to focus on the development of intelligent robotic process automation (RPA) software robot platform. By offering intelligent software robot products and solutions for the internet, finance, manufacturing and other industries, the RPA solution provider can enhance the efficiency of traditional industry operations and accelerate digital transformation through RPA empowerment.

In terms of funds raised, Encootech’s Chief Executive Officer Liu Chungang (刘春刚) said proceeds would be used for product iteration, R&D, marketing and recruitment. In the past two months, the labor force has risen by 30%. Many new members worked in big tech companies such as Microsoft, Oracle, Alibaba and Tencent before joining Encootech.

RPA has gained more traction in Chinese market than ever before since the end of last year. In November 2018, American RPA developer UiPath announced its deployment in China. Team of UiPath China has over 70 employees for now and will continue to expand its R&D department in the second half of 2019. Another British RPA company Blue Prism boarded on Chinese market this year, and will fully expand its business in China.

In competition with strong multinational rivals, Encootech would be devoted to product stability improvement and cost cut, and seek long-term partnerships with potential investors in the future.

Enterprise Information

EqualOcean is a leading industry tech media and an investment research company.
CATEGORIES: AI, Research
Last Funding Type
Series C
Number of Employees
200
Number of Funding Rounds
6
Total Funding Amount
26.79M

Enterprise Information

EqualOcean
EqualOcean is a leading industry tech media and an investment research company.
CATEGORIES: AI, Research
Last Funding Type
Series C
Number of Employees
200
Number of Funding Rounds
6
Total Funding Amount
26.79M

Reach the Author!

Ask the author questions about the copied text

MOST READ

THE LATEST

Any Question

EqualOcean is a leading industrial tech media and investment research company that focuses on technological and industrial innovation in China.

We aim to assist Chinese entrepreneurial enterprises to break into the global market and provide overseas investors, VCs, and enterprises with a deeper understanding of China's business environment and to seize opportunities in China.

Join over 800,000 of your peers