{"id":15461,"date":"2019-06-27T15:27:35","date_gmt":"2019-06-27T15:27:35","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/cathay-innovation-leads-laiyes-35m-round-to-bet-on-chinese-enterprise-it.html"},"modified":"2019-06-27T15:27:35","modified_gmt":"2019-06-27T15:27:35","slug":"cathay-innovation-leads-laiyes-35m-round-to-bet-on-chinese-enterprise-it","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/cathay-innovation-leads-laiyes-35m-round-to-bet-on-chinese-enterprise-it.html","title":{"rendered":"Cathay Innovation leads Laiye\u2019s $35M round to bet on Chinese enterprise IT"},"content":{"rendered":"

For many years, the boom and bust of China\u2019s tech landscape have centered around consumer-facing products. As this space gets filled by Baidu, Alibaba, Tencent, and more recently Didi Chuxing, Meituan Dianping, and ByteDance, entrepreneurs and investors are shifting attention to business applications.<\/p>\n

One startup making waves in China\u2019s enterprise software market is four-year-old Laiye<\/a>, which just raised a $35 million Series B round led by cross-border venture capital firm Cathay Innovation. Existing backers Wu Capital, a family fund, and Lightspeed China Partners, whose founding partner James Mi has been investing in every round of Laiye since Pre-A, also participated in this Series B.<\/p>\n

The deal came on the heels of Laiye\u2019s merger with Chinese company Awesome Technology, a team that\u2019s spent the last 18 years developing Robotic Process Automation, a term for technology that lets organizations offload repetitive tasks like customer service onto machines. With this marriage, Laiye officially launched its RPA product UiBot to compete in the nascent and fast-growing market for streamlining workflow.<\/p>\n

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Gartner finds RPA is fastest growing market in enterprise software<\/a><\/p>\n<\/blockquote>\n

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\u201cThere was a wave of B2C [business-to-consumer] in China, and now we believe enterprise software is about to grow rapidly,\u201d Denis Barrier, co-founder and chief executive officer of Cathay Innovation, told TechCrunch over a phone interview.<\/p>\n

Since launching in January, UiBot has collected some 300,000 downloads and 6,000 registered enterprise users. Its clients include major names such as Nike, Walmart, Wyeth, China Mobile, Ctrip and more.<\/p>\n

Guanchun Wang, chairman and CEO of Laiye, believes there are synergies between AI-enabled chatbots and RPA solutions, as the combination allows business clients \u201cto build bots with both brains and hands so as to significantly improve operational efficiency and reduce labor costs,\u201d he said.<\/p>\n

When it comes to market size, Barrier believes RPA in China will be a new area of growth. For one, Chinese enterprises, with a shorter history than those found in developed economies, are less hampered by legacy systems, which makes it \u201cfaster and easier to set up new corporate software,\u201d the investor observed. There\u2019s also a lot more data being produced in China given the population of organizations, which could give Chinese RPA a competitive advantage.<\/p>\n

\u201cYou need data to train the machine. The more data you have, the better your algorithms become provided you also have the right data scientists as in China,\u201d Barrier added.<\/p>\n

However, the investor warned that the exact timing of RPA adoption by people and customers is always not certain, even though the product is ready.<\/p>\n

Laiye said it will use the proceeds to recruit talents for research and development as well as sales of its RPA products. The startup will also work on growing its AI capabilities beyond natural language processing, deep learning, and reinforcement learning, in addition to accelerating commercialization of its robotic solutions across industries.<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/qVRgy95sw2I\/<\/p>","protected":false},"excerpt":{"rendered":"

For many years, the boom and bust of China\u2019s tech landscape have centered around consumer-facing products. As this space gets filled by Baidu, Alibaba, Tencent, and more recently Didi Chuxing, <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-15461","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t