For several years, the boom and bust of China’s tech landscape have centered around consumer-facing merchandise. While this space becomes filled by Baidu Tencent, and Didi Chuxing, Meituan Dianping, and ByteDance, entrepreneurs and investors are shifting attention\.
One startup making waves at China’s enterprise applications marketplace is four-year-old Laiye, that only raised a 35 million Series B round led by cross-border venture capital firm Cathay Innovation. Existing backers Wu Capital, a family finance, and Lightspeed China Partners, whose founding spouse James Mi has been residing in every form of Laiye because Pre-A, also engaged in this Series B.
The arrangement came on the heels of Laiye’s merger with Chinese company Awesome Technology, a group that has spent the past 18 years growing Robotic Process Automation, a word for technology that allows organizations offload repetitive tasks like customer support on machines. With this union, Laiye officially launched its RPA product UiBot to compete at the fast-growing and nascent market for workflow.
“There was a wave of B2C [business-to-consumer] in China, and now we think enterprise applications is all about to grow rapidly,” Denis Barrier,” co-founder and chief executive officer of Cathay Innovation, told TechCrunch over a phone interview.
Since launch in January, UiBot has accumulated several 300,000 6 and downloads,000 registered enterprise users. Its customers include names such as Ctrip, Nike, Walmart, Wyeth Mobile and more.
Guanchun Wang, chairman and CEO of Laiye, believes there are synergies between AI-enabled chatbots and RPA options, since the mix allows business clients”to create robots together with both hands and brains so as to significantly enhance operational efficiency and reduce labor expenses,” he said.
When it has to do with advertise dimensions, Barrier believes RPA in China are a new area of growth. For one, Chinese enterprises, using a shorter history compared to those located in developed markets, are hampered by legacy programs, which makes it”faster and easier to install new company applications,” the investor observed. There is also a ton more information being produced in China awarded the population of associations, which could provide a competitive benefit to Chinese RPA.
“You want information to train your machine. The more data you have, the greater your algorithms become supplied you also have the ideal data scientists like in China,” Barrier additional.
But , the investor cautioned that the exact timing of RPA adoption by individuals and clients is always not certain, though the item is ready.
Laiye stated it may use the profits to research talents for analysis and development as well as sales of its RPA products. The startup will also work on growing its AI capacities beyond deep learning, natural language processing, and reinforcement learning, along with accelerating commercialization of its own robotic solutions .