Laiye 50m series A $50 million Series C+ fundraising round was completed by the Chinese intelligent automation business Laiye.
The Shanghai Artificial Intelligence Industry Equity Investment Fund and the Ping An Global Voyager Fund jointly led the round, which also included Lightspeed China Partners, Lightspeed Venture Partners, Sequoia Capital China, and Wu Capital.
The company plans to use the money to build new products, expand its reach internationally, add native AI capabilities to its RPA solution, make it compatible with more OS systems like Linux and Android, deploy on all of the main cloud platforms, and hire top talent.
Laiye has accomplished a number of milestones in the past year thanks to its cutting-edge product offerings and rapidly growing ecosystem. Despite the epidemic, Laiye increased its global expansion and is currently providing its services to an expanding clientele that includes multiple Fortune 500 enterprises, governmental organisations, and small and medium-sized businesses (SMBs). The annual revenue from Laiye’s robotic process automation (RPA) software subscriptions increased by an astonishing 900% year over year. The user community also gave it high marks for its Laiye Chatbot conversational artificial intelligence (AI) product. In the fourth quarter of 2020, Laiye generated positive cashflow for its enterprise business and profitability for the chatbot business.
With the help of dynamic, productivity-boosting digital, low-code “workforce solutions,” Laiye, led by Li Wei, Co-CEO and president, and Wang Guanchun, Chairman and CEO, enables businesses and individuals to reach their full potential.
Core technologies include natural language processing (NLP), conversational intelligence, robotic process automation (RPA), text recognition, and image recognition.
Asia, the US, and Europe are all part of Laiye’s worldwide presence, and its international partners include Microsoft, Deloitte, KPMG, and Digital China. There are currently more than 400,000 developers and 500 partners in the company’s community, mostly in China. Laiye is currently working with partners like RAAS PAL, a Thai company that offers robotics and AI solutions, to expand their network outside of China.