China’s AI robot tech firm Laiye bags $50m in Series C+ round

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. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.