Laiye, a Chinese startup that offers robotic process automation services to several major tech firms in the nation and government agencies, has raised $42 million in new funding round as it looks to scale its business.
The new financing round, Series C, was co-led by Lightspeed Venture Partners and Lightspeed China Partners. Cathay Innovation, which led the startup’s Series B+ round and Wu Capital, which led the Series B round, also participated in the new round.
China has been the hub for some of the cheapest labor in the world. But in recent years, a number of companies and government agencies have started to improve their efficiency with the help of technology.
That’s where Laiye comes into play. Robotic process automation (RPA) allows the software to mimic several human behaviors such as keyboard strokes and mouse clicks.
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