Founded in 2015, Laiye is a Chinese startup company that offers collaborative human-machine workforce solutions through a combination of robotic processing automation (RPA) and AI technology. The business believes that with Intelligent Automation, enterprises can “operate at new levels of productivity and efficiency.”
Laiye was founded in response to a changing business landscape where technology became an integral part of daily operations. The AI software created by the startup company reduces the amount of mundane tasks employees manage. By allowing the AI software to do simpler work, employees are able to spend more time on meaningful, innovative projects.
The startup company has three AI-powered intelligent automation software solutions in its portfolio: RPA, Chatbot, and IDP. RPA streamlines operations, Chatbot simulates human-like conversation via text and voice messaging, and IDP converts unstructured or semi-structured data into usable information. Laiye has yet to officially launch Chatbot and IDP.
According to the business, 84% of its customers experienced at least a 70% increase in return on investment (ROI) due to the AI tools created by the startup. Additionally, the company claims there are over 1.1 million customers using the Laiye AI reporting tools.
Porsche, Lenovo, Walmart, Nike, Staples, AstraZeneca, Deloitte, and several others are all customers of Laiye.
$50 Million Investment
Laiye announced the startup company raised $50 million in Series C+ funding. Ping An Global Voyager Fund and Shanghai Artificial Intelligence Industry Equity Investment Fund are the lead investors in this round. Other existing investors also participated.
The announcement details the funding comes after the AI software business experienced a successful year last year. It states that Laiye’s RPA software subscription revenue raked in a 900% year-over-year (YOY) growth. In addition, The Laiye Chatbot received favorable responses from customers, and the startup was cash flow positive for the fourth quarter of 2020.
While Laiye is already available in the United States (US), Europe, and Asia, Li Wei, co-CEO and president of Laiye, stated that the new capital will be primarily used for global expansion in the Southeast Asia region. Furthermore, the business will focus on enhancement of its RPA software and increasing compatibility with Linux and Android. Additionally, it plans on increasing deployability on all major cloud platforms.
Wang Guanchun, chairman and CEO of Laiye, said in a statement, “...Laiye aims to foster the world’s largest developer community for software robots and build the world’s largest bot marketplace in the next three years…We believe that digital workforce and intelligent automation will reach all walks of life as long as more human workers can be upskilled with knowledge in RPA and AI.”
Laiye’s funding announcement comes shortly after Startup Savant reported an RPA competitor, UiPath, announced its planning for an initial public offering (IPO) with more than $580 million in revenue.
Grand View Research reported the global RPA market size was valued at $1.4 billion in 2019 and is projected to grow at a CAGR of 40.6% from 2020 to 2027.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.