Roehl Niño Bautista · · 1 min readLightspeed backs Chinese AI firm’s $70m C++ raise
China-based Laiye, an AI-powered automation startup, has raised US$70 million in a series C++ round led by Hopu Magnolia Growth Fund, Youshan Capital, and VMS Group, with participation from Lightspeed Partners.
The new capital brings Laiye’s total funds raised for its series C round to US$160 million.
Laiye chairman and CEO of Guanchun Wang / Photo credit: Laiye
The startup builds end-to-end AI solutions to automate processes in the insurance, communications, electric power, finance, retail, and healthcare industries. Its latest raise will go toward its ongoing expansion and talent acquisition.
“Laiye has made great strides in replicating our success in China worldwide with our expansion into Asia-Pacific, the Americas, and EMEA (Europe, Middle East, and Africa),” said Guanchun Wang, chairperson and CEO of Laiye.
The company has more than 100 employees outside China, as well as over 600 partners and 600,000 users worldwide. Its customers include Porsche, LVMH, AstraZeneca, Johnson & Johnson Medical, and Roche Pharmaceuticals.
See also: 50 rising startups in China
Editing by Miguel Cordon and Lorenzo Kyle Subido
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