The funding will help Hongji Cyclone enhance its automation capabilities and expand globally. Here are the top-line bullets you need to know.
Hongji Cyclone, a Chinese robotic process automation (RPA) company, has raised $150M in a Series C round. The round drew participation from CMC Capital Partners, Goldman Sachs Asset Management, Matrix Partners China, and Source Code Capital, among others.
HOW’S THE COMPANY PERFORMING?
- China-based Hongji Cyclone provides enterprises with robotic process automation (RPA) solutions and AI-enabled hyper-automation software to help them digitize and automate key businesses processes.
- The company offers products that address all stages of business process automation — from discovery and design to management and engagement.
- Hongji Cyclone has recorded an annual growth rate of 400% since 2019.
- The company has nearly 1,000 clients across China, the APAC region, Europe, and the Middle East, including Volvo, Bank of China, Haier, and the Agricultural Bank of China.
- Hongji Cyclone is supported by a team of over 500 employees across China, Silicon Valley, Singapore, and London.
Source: Hongji Cyclone
WHY DOES THE MARKET MATTER?
- The global robotic process automation (RPA) market is projected to grow at a CAGR of 32.8% and reach a value of $13.7B by 2028, according to Grand View Research.
- The Covid-19-induced digital shift has compelled organizations to accelerate digital transformation initiatives and the automation of traditionally manual processes, which has contributed to market growth.
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