Deloitte China, Laiye's Strategic Alliance: Mining Booming Intelligent Automation Market

Besides, Chinese companies are also expanding their business overseas – Tencent helped Sea, a Southeast Asian gaming and e-commerce company, replicate its business model, and Alibaba invested in Lazada. The strategy is being deployed by RPA entrepreneurs as well, with Laiye setting up a Singapore team in 2020. The CEO believes that Southeast Asia is often the first destination for Chinese companies marketing globally because of the countless market similarities. Although there are many enterprises in China, Mr. Wang considers the overall demand for PRA to date not huge enough, so it is necessary to project long-term goals in attracting more overseas customers.

Except for these differences, the epidemic has brought a few tailwinds. It accelerated the purchase of RPA by enterprises and governments. In the early stage of the epidemic, the program of Laiye was quickly adopted by the government in Wuhan. Health information is collected through phone-based voice and semantic-based text recognition. Then the information was entered into government systems by an RPA robot.

Leading the new sector

After testing major local RPA solution providers' services, Mr. Ye's team recognized Laiye. The industry's growth is gratifying and, at the same time, breeds AI innovators like Laiye. In 2019, the company merged with UiBot to enter the RPA+AI market with an exceptional arsenal. The robot created by Laiye can understand the existing applications of enterprises through user interfaces and automate routine operations based on pre-written rules.

Laiye's ingenious architecture is nonetheless easy to deploy. Its RPA scheme deals with the robot creation and management process in a structured way, which makes it easy for new developers to get started.

Laiye Chatbot allows citizen developers to build, train, optimize and deploy chatbots through an easy-to-use visual interface, which is integrated with multiple conversational user interfaces such as official websites, mobile apps, instant messaging platforms and IoT devices.

Last but not least, Laiye's Intelligent Document Process (IDP) can transform unstructured documents such as contracts and emails into insights through data extraction and validation. IDP also allows users to review and correct information. Besides, all the data can be sent to RPA for additional operations. 

(Click on image to enlarge)

幻灯片3.PNG.PNG

Financials, key drivers and strategy

Laiye achieved positive cash flow on the enterprise and chat robot businesses in Q4 2020, with a year-on-year growth of 900% in revenue from RPA subscriptions. Its clients now include a number of Fortune 500 companies. Laiye also serves dozens of provincial and municipal governments and thousands of small and medium-sized customers, with a retention rate of 96% as of Q2 2021. There are three pillars to the fast growth of Laiye. One is the company's product and AI capabilities: AI empowers its applications of optical character recognition (OCR), text understanding and man-machine conversation. Besides, Laiye's products have been selected and distributed through many channels, including large public cloud service providers, software integrators and large consulting groups. Thirdly, it focuses on research and development, with more than 200 core domestic and foreign invention patents and more than 20 authorized patents.

View single page >> |

Disclaimer: Please consult your own advisor before making any investment decision. 

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.