Cyclone Robotics, a China-based robotics technology developer that counts consumer electronics manufacturer Lenovo as an investor, raised $150m in series C funding today.
The round was co-led by investment banking group Goldman Sachs’ Asset Management subsidiary and China Media Capital, the investment firm also known as CMC Holdings, while Lavender Hill Capital Partners, ZWC Partners, V Fund, DCM Ventures, Matrix Partners and Source Code Capital also participated.
Founded in 2015, Cyclone manufactures robotic process automation (RPA) equipment that integrates internet-of-things, artificial intelligence, machine learning and data analytics technology. It has almost 1,000 customers across the Asia Pacific, Europe and the Middle East.
The company will use the cash to improve its hyperautomation technology and increase its global presence through strategic partnerships.
Cyclone had received nearly $40m in a series B round led by Matrix Partners China in September 2020 and backed by Lenovo subsidiary Lenovo Capital, DCM Ventures, Source Code Capital and Qianhai Renzhi Capital Management.
DCM Ventures and Source Code Capital had already taken part in a series A round for the company in mid-2019 sized at over $10m.
Vincent Gao, founder and CEO of Cyclone, said: “This investment reinforces Cyclone Robotics’ leading position in RPA and hyperautomation. We believe that our vision ‘automation everywhere and automation anytime’ will lead us to continuously grow and accelerate our international business expansion.”
