Venture capital firm GGV Capital has led a RMB100m ($14.2m) series A-plus round for Rongyisuan, a China-based business finance software developer backed by enterprise software supplier Sunyard, DealStreetAsia has reported.
Founded in late 2018, Rongyisuan provides bespoke tax and accounting services for small and medium-sized enterprises and private customers.
The company has developed an artificial intelligence-empowered operations management tool called Yijiezhang that supports smart bookkeeping, risk detection and tax filing. The round took its overall funding to more than $28m.
The deal followed $14.5m in series A funding from VC firm Sequoia Capital China in August 2019, eight months after Sunyard and private equity firm Daocin Capital led an angel round sized in the tens of millions of renminbi (RMB10m = $1.4m).
Rongyisuan co-founder and CEO Shangguan Chunmei said: “This funding will be used for the ongoing product iteration, improve the professionalism of fiscal and tax services, accelerate the expansion of offline service providers and deepen cooperation with e-commerce platforms.” (Translated from Chinese by Global Corporate Venturing)
