VMS Jointly-Led Laiye Successfully Completed Series C++ Financing
Laiye, a leading global intelligent automation company, successfully completed its US$160mn Series C funding round with the latest Series C++ tranche at US$70mn led by VMS Group, HOPU Magnolia and Youshan Capital. New investor Far East Horizon’s Shanghai FE Private Equity, existing investors such as Lightspeed China Partners and US-based Lightspeed Venture Partners also participated in this round. The proceeds will mainly be used to facilitate global expansion, in-depth R&D of its integrated intelligent automation platform, further cultivate its global developer and partner ecosystem, and accelerate its ambition to become a global leader in the field of intelligent automation.
In the past three years, Laiye has maintained a rapid revenue growth of 120%. It has served more than 200 Fortune 500 companies, over 200 government departments and thousands of small and medium-sized enterprises, covering corporate customers in multiple industries including electric power, banking, insurance, communications, and retail, as well as public utilities including digital government, public medical care, and vocational education. Its large portfolio of high-quality Chinese and global customers include State Grid Corporation of China, China Southern Power Grid, PetroChina, China National Nuclear, Bank of China, China Construction Bank, China Mobile, China Telecom, China Unicom, Beijing Shougang, Zijin Mining, Longfor Properties, Yili Group, Sino Biopharmaceutical, Johnson & Johnson Medical, and Roche Pharmaceuticals.
At the same time, Laiye has built an overseas team of more than 100 people in 15 countries across Southeast Asia, Europe and the Americas. It has also recently acquired Mindsay, a leading French conversational AI firm, and established a new R&D center in Paris. Laiye will continue to strengthen its efforts in fostering the developer and partner ecosystem, and replicate the successful experience of China’s 600+ partner network and 600,000+ developer community internationally. This will allow more enterprises to enjoy the benefits brought by the intelligent automation platform, and thereby lead to new business opportunities and employment possibilities in the era of intelligent automation.
Guanchun Wang, Chairman and CEO of Laiye said: “We have made great strides in replicating our success in China to the international market last year and will focus our business efforts in the European market next to achieve breakthroughs in large enterprises. We are confident and at the same time, have the responsibility to push forward the entire Chinese software and enterprise service industry globally. We also estimate that more than half of Laiye’s revenue will be generated from overseas markets by 2025.”
Vanessa Lee, Managing Director & Head of TMT and Consumer of VMS Group’s Private Equity Division, said: “We are very excited about the achievements of Laiye and the rapid growth of its global team. VMS is committed to investing in companies with breakthrough technologies and high growth potential, and we see Laiye becoming the world leader in intelligent automation transformation.”