CDB leads $72m round for China RPA provider Kingsware

The deal, which closed last December, is being touted as the largest enterprise services round of 2022. Wenrun Investment, Guangdong Finance Fund, CICC Capital, Shunwei Capital, Junsan capital, and Zhengling Venture Capital also invested.

The capital will mainly be used to accelerate product R&D and to extend competencies to different industries.

Kingsware claims to be profitable since inception in 2016. It has served more than 1,000 enterprise clients across six industries and has provided more than 800,000 digital employees in total. Its major focus is the financial industry covering all the six state-backed banks in China.

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

Recent activity in this space includes Shadowbot raising a USD 100m Series C led by Goldman Sachs and an undisclosed corporate VC investor last year. This coincided with Laiye Technology closing a USD 70m Series C extension. In 2021, Shanghai-based Cyclone Robotics, regarded as a leader in RPA, received a USD 150m Series C featuring Goldman Sachs.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Expansion
• Technology
• China
• Shunwei Capital Partners
• artificial intelligence
• CICC
• robotics