Encootech Raises 'Tens of Millions' of CNY in Series A+ Round of Funding
The robotic process automation (RPA) developer closed an extended A round of funding today, Sequoia China solely participated in the latest round of funding.
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.