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Chinese AI Firm Laiye Secures $42 Million in Series C Funding Round

By Ding Yi / Feb 24, 2020 05:28 PM / Business & Tech

Photo: IC

Photo: IC

Chinese artificial intelligence startup Laiye has closed a $42 million series C funding round led by Lightspeed Venture Partners and Lightspeed China Partners, Laiye said in a public WeChat post Monday.

The Beijing-based firm will use the capital raised in the new funding round to recruit talent and bankroll its research and development of a robotic process automation (RPA) system, Laiye CEO Wang Guanchun said in a statement.

An RPA allows software to mimic tedious and repetitive tasks such keyboard strokes and mouse clicks, thus helping companies or organizations reduce staffing costs and human errors.

According to the post, some 200,000 developers have registered to use Laiye’s UiBot RPA platform so far. The platform incorporates Laiye’s own AI technologies such as natural language processing and chatbot applications, which the firm claims will improve businesses’ operating efficiency and lower labor costs.

Laiye’s RPA software is also currently being used by some local governments in China to collect and crunch residents’ health data during the Covid-19 outbreak, the company said.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Chinese Tech Firms Pitching In on Battle Against Coronavirus


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