(Yicai Global) April 19 -- Chinese work automation startup Laiye has banked USD70 million in a Series C ++ round of financing, with the new funding destined for talent acquisition and expediting the firm’s international expansion plans.

The fundraiser was jointly led by high-growth tech-focused private equity firms, including Hopu Magnolia, Youshan Capital, and VMS Group, the Beijing-based company said today. Existing investors Lightspeed China Partners and Lightspeed Venture Partners also took part.

The new capital brings Laiye’s total Series C funding to more than USD160 million.

The proceeds will go to accelerate expansion in the Asia Pacific, the Americas, Europe, the Middle East, and Africa, Laiye said, noting that these regions have the greatest growth potential since  their legacy automation systems often leave businesses struggling to transform complex processes.

“Laiye has made great strides in replicating our success in China worldwide with our expansion into APAC, the Americas, and EMEA,” Chairman and Chief Executive Wang Guangchun said. “This new round of funding will continue to fuel our relentless product innovation and triple-digit year-on-year revenue growth in the years to come.”

The artificial intelligence-powered automation startup targets firms in insurance, telecoms, electric power, finance, retail, and healthcare to build end-to-end smart solutions. Clients include Porsche, LVMH, AstraZeneca, and Johnson & Johnson Medical. And as a market leader in China, it provides intelligent automation solutions to firms such as China Southern Power Grid, PetroChina, and Bank of China.

“We envision a future where all organizations and people are transformed, emboldened, and made better by the revolutionary power of intelligent automation,” Wang added. “An AI-enabled digital workforce developed from Laiye’s integrated intelligent automation platform will help our customers accelerate their digital transformation journey.”

Over the past 12 months, Laiye more than doubled its team outside China to over 100, equal to 15 percent of the total workforce, grew its partner network to more than 600, and fostered one of the world’s largest smart automation developer communities with more than 600,000 registered users globally, it added.

Editor: Futura Costaglione