Beijing-based Chinese private firm Laiye recently closed a $160 Million deal in s series C funding round. The start-up is prominent in making digital automation-based products. The prime investor of this funding round is Hopu Magnolia, a funding branch of Hopu Investment Management which is a prime investor of an individual investment value of $70 Million. Other backup investors include VMS group, Youshan Capital, and Lightspeed Venture Partners. It is a joint funding venture with the mentioned firms. The news doesn’t end here only and is accompanied by the announcement of the acquisition of France’s Mindsay, a chatbot service provider established in Paris. as per laiye 160m series magnoliaLiaotechcrunch
The legal name of the private automation company Laiye is Beijing Laiye Network Technology Co. Limited. Laiye was established in 2015 on the grounds of intelligent Artificial Intelligence technology embedded products. The co-founders of Laiye are Guanchan wang, Arvid wang, and Hu Yuchuan, with its headquarters in Beijing, China. The principal effect of the group is Laiye Chatbot. It provides practical solutions in various domains such as Retail, Travel and Transportation, Finance and Insurance, Logistics, and Healthcare. It has more than 500 partners all over the world. as per Laiye 160m series magnoliaLiaotechcrunch
According to the Current Chief Executive Officer of Laiye, Guanchan Wang. The domain in which they are currently working is of great value, and he observed this when a search engine leader in China bought his film discovery studio. For the same reason, he founded a startup currently known as Laiye. He believes and says that “Large companies are the biggest opportunity for us.”.Wang said that the company doesn’t have any plan to release an IPO yet but can make it successful after discussing it with Hong-Kong based investment group, the VMS group. He started Laiye to make this an Intelligent and well-deserved category and industry among people. He believes that traditional industries are not gaining popularity compared to trending short video platforms. Laiye is leading in the technology of Robotic Process Automation, which can be seen as the duplicity of human actions using digital technologies. It is expanding at a very speedy pace globally.
Funding received company, Laiye provides services in various niches such as Logistics, Transportation, healthcare, and retail. Laiye chatbot is one of the robotization-based products the company made. Different products currently are Process Recorder, Service Providers, Automation creators, Automation workers, and robots based on cloud computing. Laiye also acquired France-based Mindsay, which is a market leader in producing AI-based chatbots. Investor Cathay Innovation played a major role between the collaboration and acquisition between the companies. According to sources, after this collaboration, Laiye will also expand its market value in European countries, and Paris-based Mindsay will play a significant role in this. as per Laiye 160m series magnoliaLiaotechcrunch
As per the future expansion of the company is concerned. According to the CEO, it is a challenging and not-so-instant process. The company acquired Frances Mindsay with the vision of managing further challenges in the development history while working. From expanding its workforce by using multiple languages to dealing with the existing problems in productivity, the collaboration is all set to change the artificial intelligence market. Apart from this, Laiye is also in the phase of expanding its marketplace outside China and building a global brand with the target of making it 25% to 50% by 2025. While choosing Mindsay for acquisition, co-founder Guanchan Wang said France is a good source of emerging technologies and science.
This funding was divided into three significant parts between the prime and backup investors for the same. The current valuation is kept confidential from the public, according to CEO wang. Previously in April 2021, Laiye raised a total of $50 Million in a series C funding round led by Shanghai Artificial Intelligence Industry and Ping An Global Voyager. Before this, on 23 February 2020, $42 Million was raised by Lightspeed China Partners and Lightspeed Venture Partners in a similar series C funding round.
Its prime investor, Hopu Magnolia’s head Jacqueline Zhang expressed her views on the funding and said that they are delighted to assist Laiye in extending its customer base for big enterprises and always look out for helping these types of new businesses. Vanessa lee, Managing Direct, VMS private equity Division, said they are very excited by the robotics and automation-based emerging start-up Laiye’s achievement. They will be investing further in emerging companies using breakthrough technologies and looking forward to Laiye becoming the market leader in the same. In an interview, Raymond Gu from Youshan Capital said that Laiye is on the right path to creating sustainable value for its consumers in AI. They are looking forward to assisting Laiye with expanding the already set limits by the industry.
As Laiye said, this funding of $160 Million and the acquisition of Mindsay are expected to bring positive results to the Automated industry and, at this pace, will surely complete the target set by the company to expand its functionality worldwide.
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