Source Code Capital Portfolio Company Cyclone Robotics Closes Nearly $40 Million Series B Round, Source Code Capital Continues to Increase Stake

Cyclone Robotics, a leading RPA software and solutions provider in China, has closed a nearly $40 million Series B round. The round was led by Matrix Partners China, with participation from existing investors Source Code Capital, DCM, Lenovo Capital and Incubator Group, and Renzhi Capital. YiBai Capital served as the exclusive financial advisor. Following this financing, Cyclone Robotics will continue to increase investment in product R&D and market expansion, maintaining its leadership position in the domestic RPA market.

Founded in 2015 and headquartered in Shanghai, Cyclone Robotics has established branch offices and subsidiaries in dozens of cities at home and abroad, including Beijing, Shenzhen, Guangzhou, Chengdu, Nanjing, Hangzhou, Wuxi, Xi'an, and Singapore, with an R&D center in Silicon Valley. In 2019, it raised over $10 million in Series A funding from DCM and Source Code Capital, maintaining heavy investment in product and technology alongside rapid business growth. Currently, Cyclone Robotics' RPA products and solutions serve hundreds of domestic customers across industries including finance, banking, insurance, power, energy, government, public safety, manufacturing, retail, logistics, and high-tech. The company has also formed strategic partnerships with numerous well-known enterprises spanning commercial, technology, ecosystem, channel, and academic alliances.

As one of the first domestic companies to build an enterprise workflow intelligent automation RPA platform, Cyclone Robotics has innovatively combined machine learning, deep learning, data processing, and knowledge engineering to provide customers with comprehensive, flexible, and stable platform-level RPA products and solutions for business automation, achieving significant breakthroughs in the industrial IoT space.

The Cyclone RPA platform enables centralized control of robot clusters, comprehensive real-time analysis of business data, automated analysis, mining, and discovery of business workflows, and flexible creation of various AI capabilities required for testing and RPA operations. It supports cross-platform deployment across mobile, desktop, server, IoT, and private cloud environments, completing automation of cross-system, cross-business-step processes within complex workflows across diverse application, operating system, and business environments. This helps customers achieve intelligent automation across the full spectrum of business scenarios, from data centers to offices, from offices to factories, and from factories to outdoor mobile environments.

Yuguang Gao, Founder and CEO of Cyclone Robotics, stated: "Since last year, we established our 'endpoint + platform' linked innovation product strategy, driving the evolution from our existing core RPA products toward a comprehensive next-generation enterprise intelligent automation platform hub. Cyclone will continue to be product and technology-oriented, listening to customers' real needs and covering enterprises' core business requirements."

Xingchen Zhang of Source Code Capital, as an existing shareholder of Cyclone Robotics, commented: "Cyclone Robotics has proven its excellence in product, sales, and delivery capabilities, and is sprinting from RPA toward RPA+AI. We have strong confidence and conviction in the team — they will certainly deliver even better performance in the future."

Going forward, traditional large-scale static business systems will increasingly delegate business extension and self-adaptive capabilities to flexible, non-invasive, easy-to-create and easy-to-manage implementation approaches like RPA. RPA will become the new intelligent business hub shaping the industrial internet and one of the mainstream architectural approaches for next-generation enterprise software. Gao emphasized that as RPA core scenarios broaden and core technologies continue to break through, with related technical domains (such as artificial intelligence, comprehensive data perception and understanding, process modeling analysis and optimization, etc.) increasingly permeating the RPA core technology stack, RPA itself will maintain rapid growth momentum. This growth will depend on enterprises' digital transformation vision, including the significant expansion of RPA scenarios and the maturation and implementation of new technologies in RPA projects.

Cyclone Robotics is committed to working with all industry stakeholders to accelerate digital transformation across Chinese industries, believing that the era of RPA Everywhere and RPA Anytime is approaching.

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