Chinese company Cyclone Robotics has raised $40m (287.2m Yuan) in an extended Series C funding round, reported DealStreetAsia.
The company did not disclose the details about the investors of the extended round.
Cyclone Robotics, which is a robotic process automation (RPA) solutions provider, plans to use the proceeds to commercialise its automation products generated by artificial intelligence.
RPA is a technology that automates routine business tasks with software robots.
Implementing such solutions can accelerate the process, reduce the risk of errors, and free up time for teams to focus on more complex tasks, according to GlobalData.
The Series C extension comes roughly two years after the company’s initial $150m Series C round, which was co-led by CMC Capital and Goldman Sachs Asset Management.
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Other investors such as ZWC Partners, Lavender Hill Capital Partners, V Fund, DCM, Matrix Partners and Source Code Capital also participated in the Series C round.
At the time, the company said it would use the funding to enhance its hyper-automation capabilities and products to expand partnerships and customer coverage.
Headquartered in Shanghai, Cyclone Robotics was founded in 2015 and currently operates offices in 24 key Chinese cities as well as in Singapore.
The company counts technology giants such as Microsoft, Alibaba and IBM and others as its clients.
In March this year, Kingsware Information Technology, another RPA solutions developer, announced that it raised $69.63m in a Series C round led by CDB Capital, a wholly-owned subsidiary of China Development Bank.