Chinese robotic process automation (RPA) solution provider Encoo has completed a USD 30 million Series B financing round led by Sequoia Capital China, the company announced on Monday.
Existing investors GSR Ventures and Future Capital Discovery Fund have also poured money in this round, with a fund managed by Shenzhen Capital Group participating as a new investor.
Encoo will use the fresh capital for market expansion, research, and development of products, said the company. The firm has raised a total of over USD 45 million so far.
Founded in 2017, Shanghai-based Encoo focuses on the development of RPA tecnology based on artificial intelligence (AI) to streamline traditional enterprise operations and reduce costs. Its products have been applied to hundreds of companies across industries including finance, energy, telecommunications, manufacturing, logistics, and retail.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.