Chinese robotic process automation software and solutions (RPA) provider Cyclone Robotics has secured $40 million in an extended Series C financing round from undisclosed investors.
The proceeds will help to commercialise its AI-generated automation products, according to a company release.
The extended Series C funding round, which took place in July this year, comes over 2 years after the firm sealed its $150-million Series C financing round in November 2021.
The Series C funding round was jointly led by private equity firm CMC Capital Partners, established by Chinese media mogul Li Ruigang, and Goldman Sachs Asset Management.
Founded in 2015, the Shanghai-headquartered firm has set up offices in 24 major cities in China, and in Singapore, counting major tech firms such as Alibaba, Microsoft, and IBM among some of its clients.
The adoption of such technology is expected to be instrumental in contributing to global workforce cost savings of about $2 trillion when 45% of work activities are automated, according to PwC estimates.
Most recently, RPA software provider Kingsware Information Technology snagged 500 million yuan ($72 million) in a Series C round led by China Development Bank’s fully-owned subsidiary CDB Capital in March.
Globally, the RPA market size is estimated to reach $5 billion by 2024, growing at a compound annual growth rate (CAGR) of 61.3%.