Laiye, a Chinese intelligent automation company, raised $50m in a Series C+ funding.
The round was co-led by the Ping An Global Voyager Fund and Shanghai Artificial Intelligence Industry Equity Investment Fund with participation from Lightspeed China Partners, Lightspeed Venture Partners, Sequoia Capital China and Wu Capital.
The company intends to use the funds to expand globally and develop products, to enhance its RPA offering with native AI capability, compatibility with more operating systems like Linux and Android, deploy on all major cloud platforms, and recruit top talent.
In the last year, Laiye reached several milestones with its innovative product offerings and fast developing ecosystem. Laiye accelerated its international expansion despite the pandemic and is now serving a growing customer base that includes numerous Fortune 500 companies, government agencies, and small and medium-sized businesses (SMBs). Laiye’s annual robotic process automation (RPA) software subscription revenue soared with an impressive 900% year-over-year growth. Its conversational artificial intelligence (AI) product, Laiye Chatbot, also received positive reviews from the user community. Laiye achieved positive cashflow for its enterprise business and profitability for the chatbot business in the fourth quarter of 2020.
Led by Li Wei, Co-CEO and president, and Wang Guanchun, Chairman and CEO, Laiye has expertise in RPA + AI to enable business and people to realize their full potential by optimizing the human-machine collaborative alliance with dynamic, productivity-enhancing digital, low-code “workforce solutions”.
Core technologies include robotic process automation (RPA), process mining, natural language processing (NLP), conversational intelligence, text recognition, and image recognition.
Laiye’s global footprint spans Asia, the US and Europe, with international partners including Microsoft, Deloitte, KPMG and Digital China. The company currently has a community with more than 400,000 developers and more than 500 partners, primarily in China. Laiye is now in the process of broadening their community outside China through partners such as RAAS PAL, a robotics and AI solution provider in Thailand.