Lightspeed, Sequoia join $50m round in Chinese AI startup Laiye

Laiye, an AI-powered robotic process automation solutions provider based in Beijing, announced it has raised US$50 million in its latest round of funding.

More funding details

• Lead investors: Ping An Global Voyager Fund and Shanghai Artificial Intelligence Industry Equity Investment Fund
• Other investors: Lightspeed China Partners, Lightspeed Venture Partners, Sequoia Capital China, and Wu Capital
• Stage: Series C+

More company updates

• The fresh capital will be used for Laiye’s global expansion and product development to help businesses achieve end-to-end intelligent automation.
• The tech firm claims its annual RPA (robotics process automation) software subscription revenue service recorded a 900% year-on-year growth.
• It aims to be cash flow-positive for its enterprise business and hit profitability for its chatbot business by Q4 2021.
• Laiye also said it will increase hiring to develop industry-specific solutions and strengthen its developer and partner ecosystem.
• Currently, the company offers its services in Asia, the US, and Europe through partners Microsoft, Deloitte, KPMG, and Digital China.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.