Laiye secures $42M in Series C financing round

laiye chinese startup financing round

Laiye, a China-based startup that offers robotic process automation services to government agencies and many major tech firms in the nation has raised $42 million in a Series C financing round.

The funding round also saw the participation of Lightspeed Venture Partners and Lightspeed China Partners. Some of the other participants in the Series C round were Cathay Innovation, which led Laiye’s Series B+ round and Wu Capital, which had earlier led the Series B round.

Laiye is a four-and-a-half-month-old startup and has raised more than $100 million to date. The company plans to use the fresh capital, collected from Series C financing round, to hire talent from across the globe and expand its services.

Presently, Laiye has more than 200 partners. More than 200,000 developers have registered to use its multilingual UiBot RPA platform. UiBot enables integration with Laiye’s native and third-party AI capabilities such as natural language processing, optical character recognition, computer vision, chatbot, and machine learning. 

In an interview with TechCrunch, co-founder, and co-chief executive of Laiye, Arvind Wang said: “For instance, a number of banks did not previously offer APIs, so humans had to sign in and fetch the data and then feed it into some other software. Processes like these could be automated by our platform. We believe robotic process automation will achieve its full potential when it combines AI and the best human talent.”