RPA leader Kingsware raises US$74m from Series B to fuel R&D spending

The startup, while boasting a firm foothold in financial industry, will double down on non-banking sectors for growth, with an intent to further strengthen its role as an RPA market leader.

Kingsware (金智维), a robotic process automation (RPA) startup, raised close to 500 million yuan (US$72.41 million) from a Series C round of financing, led by China Development Bank Capital, followed by Wens Investment, Utrust, GienTech, Shunwei Capital, Junsan Capital and Zhengling Capital, the company confirmed today.

Kingsware, based in Zhuhai of southern Guangdong Province, released its core product K-RPA’s newly updated corporate-oriented functions and features.

It also introduced new products including virtual digital human assistant, intelligent internal control management system for banks, centralized management platform for bank regulatory submission, data center on-site management system, and K-EE Kingsware digital transformation coaching and training platform.

These products will complement Kingsware’s product matrix known as “RPA+X.”

Proceeds from Series C will be spent on R&D work to extend Kingsware’s product line, as well as to complete its layout of a so-called “1+N” ecosystem, according to a press release.

The startup, while boasting a firm foothold in financial industry, will double down on non-banking sectors for growth, with an intent to further strengthen its role as an RPA market leader.

Founded in March 2016, Kingsware is one of the first domestic firms to come up with enterprise-level RPA software. Built around the purpose to spur industrial digitalization, the software developer continues to increase R&D spending and incorporate RPA technologies in a number of application scenarios, supplying businesses and other organizations with one-stop digital employee management solutions.

To date, Kingsware’s products have been adopted by more than 200 banks nationwide, including China’s six largest state-owned banks, and upwards of 110 stock brokerage firms, including Citic Securities and Haitong Securities, supplying them with more than 800,000 digital employees.

Of Kingsware’s 1,000 plus clients, 77% are big-sized firms while the remainder are smaller enterprises.

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Ni Tao

Ni Tao is the founder and editor-in-chief of cnrobopedia. Prior to cnrobopedia, he had a full decade of experience with a major state-run English-language newspaper as a tech reporter and opinion writer. He is also a communications specialist, having provided consultancy services to established firms like Siemens, Philips, ABinBev, Diageo, Trip.com Group (Nasdaq: TCOM, HK: 9961), Jianpu Technology (NYSE: JT) and a handful of domestic startups. A graduate of Fudan University, he writes widely about China's business and tech scenes and other topics for global publications including South China Morning Post, SupChina, The Diplomat, CGTN, Banking Technology, among others, and tries to impart his experience to students at Fudan University Journalism School, where he is a part-time lecturer. When he's not writing about robotics, you can expect him to be on his beloved Yanagisawa saxophones, trying to play some jazz riffs, often in vain and occasionally against the protests of an angry neighbor. Get in touch with him by dropping a line at nitao0927@gmail.com.

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