The Rise of Robotic Process Automation and Laiye's Growth

Robotic process automation (RPA) has garnered significant attention recently. UiPath, a New York-based company, is preparing for an initial public offering, having reached a valuation of $35 billion in February.

Simultaneously, Laiye, a domestic RPA startup in China, is also experiencing rapid growth and recognition within the industry.

Laiye Secures $50 Million in Series C+ Funding

Laiye develops software designed to automate repetitive tasks, such as keyboard inputs and mouse actions. The company recently announced a $50 million Series C+ funding round.

This investment follows a previous tranche of its Series C round secured approximately a year prior.

Founded six years ago and guided by former Baidu executives, Laiye has now raised over $130 million in funding, as per publicly available data.

Key Investors in the Funding Round

The Series C+ round was spearheaded by Ping An Global Voyager Fund, the venture capital arm of the Chinese financial giant Ping An, and the Shanghai Artificial Intelligence Industry Equity Investment Fund, a fund supported by the government.

Additional participants included prominent investors such as Lightspeed China Partners, Lightspeed Venture Partners, Sequoia China Capital, and Wu Capital.

Increased Demand for RPA Solutions

The demand for RPA tools has surged as companies seek to automate workflows, particularly in response to the disruptions caused by COVID-19.

However, the adoption of enterprise technology was already on an upward trajectory before the pandemic began.

As noted by Ron Miller, the category gained popularity due to its ability to address automation within existing systems.

This allowed companies with established technologies to automate processes without the need for costly and risky overhauls.

Laiye's Impactful Implementations

Laiye’s RPA software has demonstrated tangible benefits in various applications.

For example, in Lanzhou, the software accelerated the account reconciliation process for social security workers by 75%, eliminating the need for manual data entry and verification.

Furthermore, Laiye’s chatbot technology assisted in automating the national population census in several cities in southern China, reducing the reliance on traditional door-to-door visits.

Financial Performance and Expansion

Laiye reported positive cash flow from its RPA enterprise business and achieved profitability in its chatbot business during the fourth quarter of 2020.

While the company has not disclosed specific revenue figures to TechCrunch, it asserts that its revenue exceeded that of UiPath China in the previous year.

The company’s free edition has attracted over 400,000 developers.

Laiye also operates a bot marketplace, connecting freelance developers with businesses seeking automation solutions.

Global Reach and Future Goals

Laiye is actively expanding its global presence, with operations now spanning Asia, the United States, and Europe.

The company currently employs approximately 400 individuals across its offices in China, Singapore, and the U.S., and is actively recruiting in Europe.

Wang Guanchun, chair and CEO of Laiye, stated the company’s ambition to cultivate the world’s largest developer community for software robots and establish the largest bot marketplace within the next three years.

Laiye also plans to certify at least one million software robot developers by 2025.

“We believe that digital workforces and intelligent automation will become ubiquitous as more workers acquire skills in RPA and AI,” added Wang Guanchun.

This article has been updated to include comments from Laiye.