Chinese venture capital firm Hillhouse Capital Group has led a RMB100 million (US$14 million) series B round in Yunzhangfang.com, a corporate finance and tax management software-as-a-service (SaaS) provider.
Founded in 2015 and headquartered in Nanjing city, Yunzhangfang.com targets micro to small-sized enterprises and accounting companies. Its system can automatically capture data from checks, complete bookkeeping, tax declarations and tax payments.
"Yunzhangfang has leading technology and business model. Its system can complete the whole process of bookkeeping, which is the trend of the industry," said Hillhouse in a company announcement. "We are optimistic about Yunzhangfang’s future, and we will help the company develop its artificial intelligence technology to serve more customers."
The start-up currently operates in more than ten cities and provinces in China including Beijing, Shanghai, Jiangsu province and Zhejiang province. It has provided services for over 1,000 accounting agencies and nearly 300,000 micro and small-sized companies.
It previously raised a series A round worth tens of millions of RMB from Zhonglu Capital, AA Investment and Liuhe Capital in May, 2016. One year prior, it received a RMB6 million (US$910,000) angel round led by AA Investment.
Yunzhangfang.com plans to use the latest proceeds to invest in research and development of artificial intelligence and deep learning technology, as well as expand its business.