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Work Automation Firm Laiye Moves Closer To Be A Unicorn With $160m Funding

Laiye would unitise the fresh funds to expand globally, including Asia-Pacific, Europe, and the Middle East.

Work Automation Firm Laiye Moves Closer To Be A Unicorn With $160m Funding

Laiye, a Chinese firm, is on the verge of becoming a unicorn after obtaining $160 million in funding. Laiye, a Chinese producer of intelligent automated equipment, announced that it had raised $70 million in a capital round, bringing its total Series C funding to $160 million and bringing the business “very close” to unicorn classification. According to the developer of Intelligent automated equipment, capital has been set aside for international integration.

Laiye, a Chinese producer of intelligent automated equipment, announced that it had raised $70 million in a capital round, bringing its total Series C funding to $160 million and bringing the business “very close” to unicorn classification. Laiye stated that the technology-focused investment firms Hopu Magnolia Growth Fund, Youshan Capital, and VMS Group spearheaded the funding, with current stakeholder Lightspeed Partners also participating. The firm added that fresh funds would be utilised to expand globally, including Asia-Pacific, Europe, and the Middle East.

Microsoft, Sequoia Capital, Ping A Global Voyager Fund, together with the Shanghai Artificial Intelligence Industry Equity Investment Fund have previously invested in Beijing-based Laiye. Guanchun Wang, Chairman and CEO of Laiye said that they could complete a series C investment because they transitioned from serving individuals and small businesses to serving large corporations like State Grid, China Mobile, and Bank of China. He added that it is mainly because, in the last year, the company has grown into a global multinational operation.

Porsche, LVMH, AstraZeneca, Johnson & Johnson Medical, and Roche Pharmaceuticals are among the company’s global clients, according to Wang, who claims the company is “very close” to reaching a market value of $1 billion. Laiye builds end-to-end intelligent automation solutions for enterprise customers in the insurance, communications, electric power, banking, retail, and health care industries.

Laiye’s CEO stated that the pandemic could be a double-edged sword for Laiye, as enterprises have realised intelligent automation’s potential. Still, governments eager to employ the technology are experiencing financial constraints due to vaccinations, testing, and other COVID-19-related costs. The business revealed last week that it had purchased French Chatbot maker Mindsay. Laiye already has more than 100 personnel outside of China, including 30 new Mindsay employees. In China, the company employs about 600 people. According to Wang, international revenue will account for more than half of overall revenue by 2025.

Jacqueline Zhang, co-head of the Hopu Magnolia Growth Fund, explained that they have known and followed Laiye’s success since its foundation. They have seen it grow from strength to strength as a mid-market and global enterprise services provider. It has a viable business plan and is fast expanding its income and client base.

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