Investment Update : West Fountain Parallel Fund invested in Series B+ of Encoo Technologies Limited
In April 2020, West Fountain Global Fund LP ("West Fountain"), an offshore parallel fund of West Fountain Parallel Fund, completed a Series B+ investment in Encoo Technologies Limited, an intelligent RPA platform company. Investors in this round of financing also include existing investors such as Sequoia China, GSR Ventures and Future Capital.
Encoo Technologies Limited is a VIE structured company headquartered in the Cayman Islands, the Chinese VIE controlled entity of Encoo Technologies Limited is Shanghai Cloud Expansion Information Technology Co (hereinafter referred to as "Encoo"). Founded in 2017, Encoo is a global innovator in the RPA field. With its self-developed RPA platform as the core, the company is committed to providing intelligent RPA robotic products and solutions to customers in various industries, empowering them through RPA, continuously creating value for customers and helping enterprises to promote digital transformation.
Since the launch of its enterprise-level intelligent RPA platform last year, Encoo has made rapid progress at the level of basic automation indicators and has greatly improved software compatibility and
extensibility. Specifically, in terms of compatibility, Encoo's RPA products are compatible with more software and systems, such as SAP, Oracle, Kingdee, Yonyou, WeChat, Dingding, etc. Both the number of compatible software and the accuracy of identifying controls have been improved by several times. In addition to windows, the current RPA products of Encoo can also run in the mobile phone operating system, which can be accessed both inside and outside the network, realizing cross end and cross application.
At the ecological level, the community has grown to a certain volume, with over 50,000 developers in the Encoo community, over 100 new partners in the ecosystem, and a new app store and interactive learning platform to be released soon.
The continuous improvement of products and ecology also makes the commercialization of Encoo grow rapidly. Mr. Liu Chungang, founder and CEO of Encoo, said in 2019 the number of customers of Encoo will double. At present, Encoo serves more than 200 customers. In addition to the original advantage fields such as finance and energy, Encoo has also expanded to foreign trade, logistics, medical care, government and other fields. At present, the revenue of customers in the financial field accounts for about 25%, and the total revenue increases by 200%.
West Fountain Parallel Fund is optimistic about the enterprise service gene and R & D strength in artificial intelligence of Encoo. We believe that excellent technical products and forward-looking innovation ability can make Encoo become an innovation leader that cannot be ignored in the international RPA field.