China-based automation technology developer Laiye secured $50m yesterday in a series C-plus round co-led by insurance group Ping An’s Global Voyager Fund.
Shanghai Artificial Intelligence Industry Equity Investment Fund co-led the round, which also featured Lightspeed China Partners, Lightspeed Venture Partners, Sequoia Capital China and Wu Capital.
Laiye is developing robotic process automation (RPA) software that enables businesses to improve productivity and efficiency by automating mundane tasks. Its products include an artificial intelligence-equipped chatbot it claims can simulate human-like conversation.
The proceeds of the round will go towards the company’s international expansion and product development activities.
Jonathan Larsen, chief innovation officer at Ping An and chief executive of Ping An Global Voyager Fund, said: “Laiye has established itself as a clear leader in China in an extremely fast-growing and attractive space.
“Laiye’s solutions have particular resonance with financial institutions, which in China are generally just beginning to reap the rewards of RPA applications.”
The new funding follows a $42m series C round in February 2020 that was co-led by Lightspeed Venture Partners and Lightspeed China and backed by Wu Capital and Cathay Innovation, a venture capital arm of private equity firm Cathay Capital.
Cathay Innovation led a $35m series B-plus round for the company in July 2019 with participation from Lightspeed China and Wu Capital, both of which had joined Sequoia China to provide $10m in series B funding for the company in 2017.
Sftware producer Microsoft led a series A round of undisclosed size for Laiye the previous year, investing together with Lightspeed China and Sequoia China. It had already received $4m of seed funding from Lightspeed China, Sequoia, ZhenFund and Pengpai Fund in 2015.