Chinese automation startup Laiye bags $160m Series C to power global expansion

(From left to right) Laiye Technology's founding team: CTO Hu Yichuan; president & co-CEO Li Wei; chairman & CEO Arvid Wang Guanchun; and chief product officer (CPO) Chu Rui

Laiye, a Chinese developer of intelligent automation solutions, announced on Tuesday the completion of a $160-million Series C funding round as the startup targets to accelerate its expansion across overseas markets.

Beijing-based Laiye raised the Series C round in three tranches, with the latest tranche bringing it $70 million in an oversubscribed round led by Chinese private equity (PE) firm HOPU Magnolia. Other co-lead investors include VMS Group from Hong Kong and PE company Youshan Capital. Existing investors Lightspeed China Partners and US-based Lightspeed Venture Partners also participated in the latest tranche.

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