(Yicai Global) March 3 -- Kingsware has raised CNY500 million (USD72.4 million) in its latest funding round which the Chinese developer of automation software for offices will use to accelerate the development of its robotic process automation product matrix, that can help improve efficiency in businesses through the automation of repetitive tasks, tech portal 36Kr reported today.

The Series-C round was led by state-backed China Development Bank Capital, Zhuhai, southern Guangdong province-based Kingsware said. Other participants include Shunwei Capital and Junsan Capital.

Kingsware will continue to extend its footprint in the financial sector and focus on expanding into non-financial fields, it said.

At least 80 percent of the digital needs of the financial sector are still unmet, said Liao Wanli, founder, chairman and chief executive officer of Kingsware.

In order to reach more small and medium-sized customers, Kingsware continues to develop general products suitable for finance and human resource departments while providing customized services for large enterprises.

Founded in 2016, Kingsware is committed to providing RPA solutions for financial enterprises and has more than 1,000 clients, including big banks and leading brokerages, it said. Customers outside the financial sector account for about a third of the company’s revenue.

China’s market for RPA+AI software reached USD260 million in 2021, a jump of 52.1 percent from the previous year, and it is expected to maintain an average annual growth rate of more than 50 percent over the next five years, according to a report by market research firm International Data.

Editor: Kim Taylor