Laiye 8th Anniversary CEO Open Letter
Year 7 was nothing but a perfect storm. In the past 12 months, the world indeed entered the phase of efficiency, as we outlined in the blueprint during our category design for Work Execution System. There was no more free money, growth at all cost but stricter ROI analysis and profitable growth. This was no different for Laiye, but we pulled off a turnaround that few could in such a short time, from burning cash fiercely to being financially sustainable. In the past quarter, our sales efficiency for enterprise business more than tripled compared to last year. By Rule of 40 that balances growth with profitability, we have been making significant improvements quarter by quarter and is now poised to achieve it in 2024.
Nevertheless, the perfect storm was not just the macro economic downturn but, more importantly, the arrival of the ChatGPT-led AI revolution. Large Language Models have pushed machine intelligence to new heights, already surpassing average humans in many standard tests. It's not unthinkable that AGI will eventually arrive and we need to be prepared in both life and work for that day. In the workplace, it's increasingly critical to develop a synergistic relationship between digital and human workers. LLM-powered digital workforce can obviously process many more high-level tasks and complex work than what the traditional bots deliver today. The potential for productivity gains is tremendous.
Innovation is actually accelerating within Laiye. This can't be more evident from the engagement of the three Laiye Lead events we recently held across the globe, which attracted thousands of viewers and hundreds of signups for product trials. Our newly released Docuguru demonstrated how different types of documents can now be processed without any training based on LLM. Laiye Chatbot showcased how AI generated responses can compliment the controlled ones to offer wider and more real-time coverage. New feature Magic Hat as Laiye RPA's Copilot has become highly anticipated to further democratize the tool for more citizen developers. Moreover, as our CTO Yichuan Hu pointed out in the updated architecture for the unified platform, we will leverage LLMs to enhance the interaction and orchestration layers, truly allowing seamless integration of all automation and AI capabilities.
8, in Chinese culture, means making a fortune. As Laiye turns 8, we are on a path for more balanced and sustained growth. We will strive for helping more customers, alongside the 100-plus Fortune Global 500 companies we are serving now, to close the work execution gap and drive profits using our AI native products and solutions. We will continue to foster common prosperity with all stakeholders in the digital workforce ecosystem.