China-based robotic process automation (RPA) technology developer Cyclone has secured almost $40m in a series B round featuring Lenovo Capital, the corporate venturing arm of consumer electronics manufacturer Lenovo.
Matrix Partners China led the round, which included DCM Ventures, Source Code Capital and Qianhai Renzhi Capital Management.
Founded in 2015, Cyclone provides industrial internet-of-things software products that are powered by machine learning, deep learning, data processing and knowledge engineering. Its customers are from industries including finance, insurance, energy, government, public safety, manufacturing, retail and logistics.
The company will use the cash to boost product development and increase its market presence.
DCM and Source Code Capital had invested more than $10m in a series A round for the company in June 2019.
He Zhiqiang, senior vice-president of Lenovo Group and president of Lenovo Capital, said: “Cyclone combines [robotic process automation] RPA with artificial intelligence and other technologies to enhance the efficiency of business flow.
“The company’s platform, product and business capabilities are impressive. Its team’s more than 10 years of industry experience has contributed to a strong technology base that will take RPA to a new level and accelerate the digitisation process across industries in China.” [Translated from Chinese by Global Corporate Venturing.]
