Zhuhai-based Kingsware Information Technology, which provides robotic process automation (RPA) software, has snapped 500 million yuan ($72 million) in a Series C round led by China Development Bank’s fully-owned subsidiary CDB Capital.
The round, joined by Wenrun Investment, Guangdong Finance Fund, CICC Capital, Shunwei Capital, Junsan Capital, and Zhengling Venture Capital, will support R&D and market expansion of the firm, per the release.
Founded in 2016, Kingsware was incubated by Shanghai-listed fintech service group Shenzhen Kingdom Sci-Tech and leverages AI technologies such as optical character recognition, natural language processing, and automatic speech recognition to deliver RPA management software and platforms.
Kingdom Sci-Tech currently holds a 13.7% stake in Kingsware, according to company information per corporate data site Aiqicha.
Previously, Kingsware raised 200 million yuan ($28.8 million) in a Series B round in July 2021 led by GL Ventures. Qiming Venture Partners, Junsan capital, and Taihe Fund management were among some of the participating investors of the round.
The adoption of RPA is expected to be instrumental in contributing to global workforce cost savings of about $2 trillion when 45% of work activities are automated, accounting and consulting firm PwC estimates.
Globally, the RPA market size is estimated to reach $5 billion by 2024, growing at a compound annual growth rate (CAGR) of 61.3%.