Ninetech Bags Tens of Millions of Yuan in Round-A Financing
Ninetech, a RPA (robotic process automation) solutions provider based in China, has recently secured tens of millions of yuan in a round A of financing led by Qingsong Fund and followed by Jinshajiang Venture Capital. Yuanhe Capital acted as the financial advisor for the deal. The new funds will reportedly be used to upgrade the firm’s products and expand its team.
Ninetech’s official website shows that it was jointly established in 2020 by China Merchants Group (CMG) and Jinshajiang Venture Capital. It was originally an innovative RPA + AI project initiated by the fintech subsidiary of CMG. Since its establishment, the company has been focusing on providing an enterprise-level agile application platform and providing digital transformation and upgrading solutions for large state-owned enterprises and other major firms.
RPA is described as an “AI digital employee,” specially aimed at large-scale, repetitive and mechanized manual operations within enterprises. The technology automates such work by simulating human workflow. The development and application of RPA products generally needs to go through three stages. First, developers have to gain insight into customer needs and restore business processes. Then, they will select automated links and build automated processes. Finally, developers will realize practical applications and process management.
Focusing on these three stages, Ninetech upgraded a single RPA product and launched three innovative products in September, 2021, including a “bit-Miner” process mining platform, a “bit-Worker” RPA process automation robot and a “bit-Builder” low-code development platform. The firm then built a complete enterprise-level agile application platform.
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Through big data analysis and model algorithms, the bit-Miner platform can help enterprises find their best automation path, and avoid subjectivity and one-sidedness that cannot be avoided in traditional consulting analysis. The bit-Builder low-code development platform reduces development and service costs and shortens overall service delivery time.
In terms of technology, Ninetech has nearly 20 intellectual property rights, and its agile application platform has fully supported mainstream domestic operating systems and office software. The products have also been applied in many domestic IT industry manufacturers such as Kirin, Kunpeng, Phytium, WPS and Huawei Cloud.
RPA industry achieved rapid development in 2019. With the increase of market penetration rate, the scope of its operations is gradually expanding. According to the “Insight Report on China’s RPA Industry in 2021” by RPA.cn, it is estimated that the RPA market in China will reach 2.42 billion yuan ($379.3 million) in 2021. The report also predicts that China’s RPA market will reach 8.18 billion yuan in 2024.
