February 24 2020
Beijing, 24th February, 2020
Laiye, the leading AI-powered Robotic Process Automation (RPA) provider in China, announced it has raised $42M in Series C funding co-led by Lightspeed Venture Partners and Lightspeed China Partners. Cathay Innovation who led the Series B+ round and Wu Capital who led the Series B round also participated in this round. The company is now the best funded in China’s RPA+AI market.
Guanchun WANG, Chairman and CEO of Laiye said, "The funds will allow Laiye to recruit the best RPA and AI talent acrosss the globe to strengthen our business and technology. Over the past year, Laiye has established a nationwide sales network, and acquired dozens of Fortune China 500 customers. Over 75% of large enterprises in China have expressed interests in enhancing their RPA projects with AI capabilities."
According to Wei LI, Co-CEO and President of Laiye, the company is the undisputable leader in building China's RPA ecosystem with more than 200 partners and 200,000 developers that have registered for Laiye's RPA platform product UiBot.
Laiye also announced that Jiaqi WENG，a veteran in China's AI industry and former CTO of Emotibot, recently joined Laiye as Vice President of Solution Engineering. Currently, UiBot allows integration with Laiye's native and 3rd party AI capabilities, such as natural language processing, optical character recognition, computer vision, chatbot and machine learning.
Existing investor James Mi, founding partner of Lightspeed China, said: “Since investing in the seed round, we have witnessed Laiye's rapid growth. Laiye's core team have built a unique 'RPA + AI' platform and China's largest bot developer community. We increased our investment this round to show commitment in the company and China's growing automation market. We will continue to leverage Lightspeed's rich experience and global network in enterprise service and deep tech to help accelerate their growth.”
Lanchun Duan, Cathay Capital's managing partner, spoke highly of Laiye's impact in China's RPA+AI market and being a socially responsible company during the outbreak of the coronavirus epidemic in China.
Since January, Laiye has provided community-level government agencies free software robots to combat the epidemic by helping automate the process of calling the residents to collect health information and aggregate data for reporting. Guanchun WANG also promised to donate 1% of their annual profit to philanthropic projects in the future upon the annoucement of this round of financing.