New Delhi, Feb 21 (PTI) Capillary Technologies today said it has raised close to USD 20 million over the past year from existing investors, including Warburg Pincus and Sequoia Capital. Also Read - Chinese Cyberattack Behind Mumbai's Last Year Power Outage, Report Claims

The cloud-based software solutions company, which enables retailers to engage with their customers, said it will soon open a second office in China at Guangzhou and another at Beijing later this year. Also Read - Mukesh Ambani Now Asia’s Richest Person Again, Overtakes China's Zhong Shanshan

In a statement, Capillary Technologies, said it raised “approximately $20 million over the past year from its existing investors, including Warburg Pincus and Sequoia Capital”. Also Read - China Approves 2 More Homegrown Coronavirus Vaccines, Taking Total to 4

Overall, the funds raised from investors would enable the company to strengthen product development, based on Artificial Intelligence (AI) and Machine Learning and cater to Asia and other upcoming emerging markets, the statement said.

“More than 70 per cent of these funds would be devoted to research and development powering all our products with AI. We are also looking to further strengthen our presence in China and the Middle East, besides penetrating further into Southeast Asia,” Aneesh Reddy, Co-founder and CEO, Capillary Technologies said.

This is published unedited from the PTI feed.