Ninetech (九科信息), a Shenzhen-based startup providing robotic process automation (RPA) solutions, recently announced a Series A+ round of funding worth tens of millions of yuan, tech media outlet 36Kr reported today.
The round was led by Empowertech Capital, with participation from SOSV-SCGC, returning investors AV Capital and Qingsong Fund.
The funds raised will be used to support product R&D, sales and market expansion and corporate management.
The fundraising came as domestic companies are following the world’s largest RPA developer UniPath in tapping the fledgling process mining sector.
According to a study on China’s process mining industry in 2022, released by RPA China, an industry intelligence provider, the domestic market for process mining is projected to reach 2 billion yuan (US$288 million) by 2026.
The segment, with a potential size of 10 billion yuan, is forecast to generate sums in excess of 100 billion yuan, the study finds, adding it is a blue-ocean market.
Ninetech claims to have facilitated lean management of workflows on the back of process mining applications.
The company also said its solutions are compatible with the domestic IT environment, making it a favorite to satisfy the needs of large-sized state-owned enterprises.
Ninetech’s product mix consists of bit-Miner, which performs diagnostics and identifies automation opportunities via process mining, as well as bit-Worker, a core RPA tool that helps automate a firm’s operation.
Meanwhile, bit-Builder, a low-code application, enables a firm to rapidly deploy its business with simple moves like drag and pull.
Process mining visualizes workflow optimization, offers problem diagnostics, predicts post-optimization results and assists decision-making.
It can handle employees’ requests to reimburse expenses incurred for work-related activities, a common problem in a firm’s day-to-day operation, said the 36Kr report.
An error inserted while filling out reimbursement forms or irregular business activity can result in rejection of the requests.
These non-standard workflows are often time-consuming to deal with, and costly if external consultants are hired to confirm and verify.
Another problem often confronting process mining solution providers is the failure to process a large quantity of data within a short period of time.
Ninetech states that it is able to handle tens of millions of rows of datasets provided monthly by clients in the matter of a few seconds.
The company attributes its data-processing ability to its scalable underlying architecture, designed to process data and meet client needs simply by adding computing power.
“Process mining is a universal business, unlike deep learning, it isn’t reliant on massive data input to find the data comparability,” said Wan Zhengyong, CEO of Ninetech. “In contrast, it functions more like machine learning, where fixed data input guarantees fixed data output.”
This attribute makes process mining applicable across a full spectrum of industries and use cases.