Ping An Global Voyager Fund-backed AI Startup Laiye Raises $50 Million in Series C+ Funding

HONG KONG and SHANGHAI, April 21, 2021 /PRNewswire/ — Ping An Insurance coverage (Group) Firm of China, Ltd. (hereafter “Ping An” or “the Group”, HKEx: 2318; SSE: 601318) is delighted to announce that Laiye, China’s chief in clever automation, has raised $50 million in a Sequence C+ funding spherical co-led by the Ping An World Voyager Fund and Shanghai Synthetic Intelligence Business Fairness Funding Fund. Lightspeed China Companions, Lightspeed Enterprise Companions, Sequoia Capital China and Wu Capital additionally participated.

Within the final 12 months, Laiye reached a number of milestones with its revolutionary product choices and quick growing ecosystem. Laiye accelerated its worldwide enlargement regardless of the pandemic and is now serving a rising buyer base that features quite a few Fortune 500 corporations, authorities businesses, and small and medium-sized companies (SMBs). Laiye’s annual robotic course of automation (RPA) software program subscription income soared with a formidable 900% year-over-year progress. Its conversational synthetic intelligence (AI) product, Laiye Chatbot, additionally acquired constructive evaluations from the person group. Laiye achieved constructive cashflow for its enterprise enterprise and profitability for the chatbot enterprise within the fourth quarter of 2020.

Laiye’s world footprint spans Asia, the US and Europe, with worldwide companions together with Microsoft, Deloitte, KPMG and Digital China. In its ongoing enlargement, Laiye might be aware of the expectations and technological traits in native areas to make sure its options are related to the goal markets. The corporate at present has a group with greater than 400,000 builders and greater than 500 companions, primarily in China. It’s rapidly broadening their group outdoors China by companions equivalent to RAAS PAL, a robotics and AI answer supplier in Thailand.

Jonathan Larsen, Ping An Group Chief Innovation Officer and CEO of Ping An World Voyager Fund, stated, “Laiye has established itself as a transparent chief in China in an especially quick rising and enticing house. Laiye’s options have specific resonance with monetary establishments, which in China are typically simply starting to reap the rewards of RPA purposes. Ping An is happy to associate with Laiye to assist take it to the following part of its progress story.”

Li Wei, Co-CEO and president of Laiye, stated this spherical of funding might be primarily utilized to world enlargement and product improvement to assist companies obtain end-to-end clever automation. Laiye goals to boost its RPA providing with native AI functionality, compatibility with extra working methods like Linux and Android, and deployability on all main cloud platforms. The corporate will maintain recruiting prime expertise to develop industry-specific options and strengthen its developer and associate ecosystem.

Wang Guanchun, Chairman and CEO of Laiye, stated, “Laiye has been rising its developer group by organizing RPA + AI competitions and launching a bot retailer that connects SMBs which have automation must freelancing builders. Laiye goals to foster the world’s largest developer group for software program robots and construct the world’s largest bot market within the subsequent three years. We plan to certify not less than 1 million software program robotic builders by 2025. We imagine that the digital workforce and clever automation will attain all walks of life so long as extra human staff could be upskilled with information in RPA and AI.”

About Ping An Group
Ping An Insurance coverage (Group) Firm of China, Ltd. (“Ping An“) is a world-leading technology-powered retail monetary providers group. With over 218 million retail prospects and 598 million web customers, Ping An is without doubt one of the largest monetary providers corporations on the planet. Ping An focuses on two over-arching domains of exercise, “pan monetary property” and “pan well being care”, overlaying the availability of economic and well being care providers by our built-in monetary providers platform and our ecosystems; in monetary providers, well being care, auto providers and good metropolis providers. Our “finance + know-how” and “finance + ecosystem” transformation methods purpose to supply prospects and web customers with revolutionary and easy services and products utilizing know-how. As China’s first joint inventory insurance coverage firm, Ping An is dedicated to upholding the very best requirements of company reporting and company governance. The Group is listed on the inventory exchanges in Hong Kong and Shanghai. In 2020, Ping An ranked 7th within the Forbes World 2000 record and ranked 21st within the Fortune World 500 record. Ping An additionally ranked 38th within the 2020 WPP Kantar Millward Brown BrandZTM Prime 100 Most Precious World Manufacturers record.

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About Ping An World Voyager Fund
Established in 2017 by Ping An, the Ping An World Voyager Fund is a Hong Kong-based investor in progress stage fintech and healthtech corporations. The fund sometimes invests between US$15 million and US$50 million in non-control positions in corporations the place an affiliation with Ping An is prone to create vital worth over time. World Voyager has invested roughly US$350 million throughout Europe, Asia and North America.

About Laiye
Laiye has wealthy expertise in RPA + AI and helps enterprise and folks notice their full potential by optimizing the human-machine collaborative alliance with subtle, dynamic, productivity-enhancing digital, low-code “workforce options”. Laiye delivers the deepest, most superior AI/RPA/NLP options to assist companies develop into extra environment friendly, efficient, agile, and profitable. And it frees folks to deal with significant, revolutionary, mission-critical initiatives.

Core applied sciences embody robotic course of automation (RPA), course of mining, pure language processing (NLP), conversational intelligence, textual content recognition, and picture recognition.

SOURCE Ping An Insurance coverage (Group) Firm of China, Ltd.

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