Chinese robotic process automation startup Beijing Laiye Technology has pocketed a total of $50 million in its Series C+ round co-led by Ping An Global Voyager Fund, a sub-fund of Ping An Group, and Shanghai Artificial Intelligence Industry Equity Investment Fund.
Long-term investors including Sequoia Capital China, Lightspeed China Partners and Wu Capital have joined the round, according to a company statement.
Laiye offers smart robotic automation products and solutions, natural language processing, multi-turn dialogue management, and context-based recommendation.
Since its inception in 2015, Laiye has served the sectors of finance, power, manufacture, telecom, retail, and healthcare. In 2019, Laiye launched UiBot, an RPA platform, to assist enterprises in improving management efficiency.
In the statement, Laiye revealed that its annual robotics process automation (RPA) software subscription revenue posted 900% year-on-year growth.
“This round of funding will be primarily applied towards global expansion and product development to help businesses achieve end-to-end intelligent automation. Laiye aims to enhance its RPA offering with native AI capability, compatibility with more operating systems like Linux and Android, and deployability on all major cloud platforms,” said Laiye co-CEO and president Li Wei in the statement.
Laiye is looking to ramp up efforts across Asia, the US and Europe primarily through partnerships with international groups such as Microsoft and Digital China. Meanwhile, Laiye has set up its Asia-Pacific headquarters in Singapore as it seeks partnerships in Southeast Asia.
Laiye had completed its Series C round funding jointly led by Lightspeed Venture Partners and Lightspeed China Partner with participation of Cathay Capital and Wu Capital in 2020. Additionally, Laiye also counts Microsoft and ZhenFund among its backers.