Beijing-based Laiye Technology, an artificial intelligence (AI) company, has completed with $35 million in its Series B+ round of financing.
Cathay Innovation, a unit of Cathay Capital Private Equity, led the funding round, with additional support from other investors including Laiye Technology’s existing shareholders, Lightspeed China Partners and Wu Capital.
Laiye Technology plans to use the money raised from the funding round for talent recruitment, especially for research and development, and hire sales team for its robotic process automation products.
More so, the company noted that the new funds will further allow it to support forward-seeking entrepreneurs as it works on developing its AI capabilities and accelerate the commercialisation of its robotic solutions.