China RPA player Shadowbot raises $100m
Shadowbot, a China-based robotic process automation (RPA) service provider, has raised USD 100m in its Series C funding led by Goldman Sachs and an undisclosed corporate venture capital investor.
GGV Capital and GL Ventures re-upped. Both featured in a Series A extension in November 2020, alongside existing investors Redpoint China and GSR Ventures, which led the initial Series A tranche. All four then participated in a USD 50m Series B last year, where they were joined by Coatue Management.
Shadowbot's earliest backers were In Capital and Liangcang VC, which provided an angel round in 2019. In Capital returned a year later for a pre-Series A alongside Chuxin Capital.
Lijian Jin, CEO of ShadowBot said that the likes of Goldman Sachs and Coatue Management both used its product first, enjoyed the experience, and then offered term sheets.
RPA systems simulate human behaviour, fully automate highly manual processes, and execute high-volume, repeatable tasks based on certain rules to generate automated workflows. They can reduce labour costs, improve efficiency, and ensure projects are completed consistently.
Founded in 2019, Shadowbot initially focused on the e-commerce industry. On launching a commercial version the following year, it quickly acquired corporate customers such as liquid detergent brand Blue Moon. By the end of 2020, there were more than 1,000 customers, despite the lack of a sales team.
In 2021, the company added professional services to its offering and passed the 10,000 customer threshold.
Shadowbot prioritises simplicity and ease of use, with an online user community offering guidance and discussions. It maintains a bi-weekly product-iteration rhythm. More than 60% of staff work in R&D and there are plans to double headcount in that area.
Shanghai-based Cyclone Robotics is a leading player in the RPA space. Goldman Sachs featured in a USD 150m Series C round for the company last year. Another RPA specialist, Laiye Technology, closed a USD 70m Series C extension earlier this month.
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