Robotic Process Automation Startup ShadowBot Secures $100M in Round-C Financing
ShadowBot, a robotic process automation (RPA) enterprise, announced Tuesday that it has completed a round C of financing totaling $100 million, led by Goldman Sachs and an unknown CVC institution, followed by existing shareholders GGV Capital and GL Ventures.
In July 2021, ShadowBot secured $50 million in financing led by Coatue Management, which had also invested in Uipath, the largest RPA company internationally. Coupled with several rounds of financing worth tens of millions of dollars from GL Ventures and GGV Capital, ShadowBot has now completed financing of nearly $200 million within two years.
ShadowBot was established in October 2019, and has since become a rising star in the market. Firm CEO Jin Lijian founded the company with the initial intention of “making an RPA product available for ordinary users.” Jin has been responsible for the R&D of products for Alibaba‘s e-commerce platform Taobao, and has a deeper understanding of challenges in the e-commerce field. Due to his past experience, Jin also believes in the development logic that good products will bring about growth.
ShadowBot’s products with low code forms were initially widely used in the e-commerce field. In April 2020, due to the pandemic, the team launched a commercial version, which won the trust of many enterprises such as home cleaning solution provide Blue Moon, snack brand BESTORE, and e-commerce services provider Ruoyuchen.
From July 2020 to December 2020, ShadowBot gained thousands of customers without relying on any sales team. At present, its products are widely applied in e-commerce, finance, telecommunications and other fields.
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Guided by the philosophy of making easier tools for consumers, ShadowBot keeps upgrading its products every two weeks. The company’s R&D team accounts for more than 60% of all employees, and is expected to be expanded in the future. ShadowBot has also built a developer community to provide users with a platform for sharing tutorials and discussions.