Microsoft-backed AI firm Laiye bags $35m in Cathay Innovation-led Series B+
06/28/2019|11:04:29 AM|DealStreetAsia

Laiye Technology, Microsoft-backed Chinese artificial intelligence company based in Beijing, announced that it has raised $35 million in its Series B+ funding round led by Cathay Innovation, an affiliate of Cathay Capital Private Equity. 

The funding round, according to the company’s announcement in Chinese, was also backed by Laiye Technology’s existing shareholders, Lightspeed China Partners and Wu Capital. 

The firm said it will use the proceeds for talent recruitment, especially for research and development, and hire sales team for its robotic process automation (RPA) products. RPA uses software with AI and machine learning capabilities to handle high-volume and repetitive tasks. 

Additionally, Laiye said the fresh capital will further allow it to support forward-looking entrepreneurs as it works on growing its AI capabilities and accelerate the commercialisation of its robotic solutions. 

The completion of the Series B+ funding round came as Laiye merged with UiBot, a Chinese startup that develops robotic process automation (RPA). 

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