How the global coronavirus pandemic affects investment decisions remains to be seen. One deal that had been in the pipeline, however, was announced this week. Encoo Tech, a pureplay provider of RPA technology based in Shanghai, China, received $30 million from Sequoia Capital China. At least some of the new funding will be directed toward expansion, according to the announcement
“In addition to China’s domestic market, the firm is also developing rapidly in overseas markets such as Japan,” said Zheng Qingsheng, a partner at Sequoia Capital China. “Broad market prospects, leading team strength, innovative enterprise-class products, and stable and high-speed customer growth are important reasons why Sequoia chooses to continue to invest more.”
Encoo also announced it has hired AI and RPA veteran Hu Shichao, the former chief development director at Microsoft’s commercial artificial intelligence unit and former global development director at UiPath, officially joined Encoo Tech as chief product officer.