Source Code Capital Portfolio Company Cyclone Raises $150 Million in Series C, with Existing Backer Source Code Capital Continuing to Increase Stake

源码资本·November 15, 2021·0·1

Automation is everywhere, digitization is within reach.

Cyclone, a global leader in RPA and a frontrunner in the hyperautomation industry, has raised $150 million in its Series C round — the largest single funding round ever for a Chinese RPA company. The round was led by CMC Capital and Goldman Sachs Asset Management, with participation from Lavender Hill Capital Partners (LHCP), ZWC Partners, and Yunhui Capital. Existing investors DCM, Matrix Partners China, and Source Code Capital also added to their stakes. YiBai Capital continued to serve as the exclusive financial advisor. Source Code Capital has backed the company since its Series A and B rounds. Following this funding, Cyclone will deepen its hyperautomation product capabilities and technical strength, accelerate coverage of small and medium-sized customers, and strengthen its global channel development and partner ecosystem.

Since 2019, Cyclone has experienced explosive growth amid the global RPA wave, averaging over 400% annual growth and consistently attracting top-tier investors. It is the only Chinese vendor to appear in both Gartner's Magic Quadrant and Forrester's Wave, drawing expert talent from leading universities and industries worldwide to provide end-to-end software automation platforms and digital transformation solutions across all sectors.

Yuguang Gao, Cyclone's founder and CEO, stated that as one of the earliest companies in China to elevate RPA to hyperautomation, Cyclone has continuously pushed traditional RPA toward comprehensive hyperautomation products and solutions that cover the full lifecycle of enterprise digital transformation. Following this round, Cyclone will further strengthen its hyperautomation product capabilities and technical prowess, accelerate its reach among small and medium-sized customers, deepen cooperation with global ecosystem partners, and aim to democratize hyperautomation to empower digital transformation across society.

Cyclone places heavy emphasis on independent innovation, investing over RMB 100 million annually in product R&D. Its technical team includes talent from leading tech companies such as UiPath, Microsoft, Amazon, Apple, and Tencent. Additionally, Cyclone has attracted numerous high-caliber professionals from renowned domestic and international consulting firms including McKinsey & Company and Accenture, who bring an average of 15+ years of enterprise digital transformation experience and deep understanding of customer pain points along the digital transformation journey.

Currently, Cyclone's products and solutions serve nearly a thousand domestic and international customers across finance, energy, government, public safety, manufacturing, retail, e-commerce, and other industries. In October, Cyclone unveiled the industry's first enterprise-grade RPA product and ecosystem partnership strategy, helping enterprises achieve end-to-end, full-lifecycle business automation and enabling digital transformation through lightweight, agile, and modular approaches. Cyclone also launched a cloud-native platform that allows both individual and enterprise users to easily get started, flexibly configure, and enjoy efficiency gains from RPA anytime, anywhere.

Cyclone's "Digital Flywheel" covering all stages of enterprise automation

Cyclone maintains a robust ecosystem of partners spanning both commercial and technical collaborations. Beyond providing product and implementation consulting support, Cyclone aims to work with partners to build industry- or scenario-specific products and solutions. Going forward, Cyclone will strengthen ecosystem development, expand cooperation channels, and offer partners an enablement program including technical support, product training, and business scenario implementation.

In March, Cyclone established its Singapore subsidiary as a hub to serve the Asia-Pacific market beyond China. With strong market recognition and local advantages, it has firmly established itself as a top-tier RPA vendor in the Asia-Pacific region.

Cyclone's global market layout

Xingchen Zhang of Source Code Capital commented: "The Cyclone team is highly innovative and iterative. What initially impressed us when we invested was the team's execution capability and sharp instinct for finding the right direction. In a remarkably short time, they've grown into a top-tier team with comprehensive combat readiness. Now the company is far ahead of other domestic players on the path to hyperautomation. We look forward to Cyclone becoming a world-class hyperautomation enterprise!"

As next-generation digital technologies continue to evolve, enterprise digital transformation has reached an inflection point. Cyclone is committed to working with all industry stakeholders to accelerate this transformation, believing that an era where automation is everywhere and digitalization is within reach is fast approaching.