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Chinese startup Laiye nears unicorn status with $160m fundraising

Intelligent automated products maker says capital earmarked for global expansion

HONG KONG -- Chinese intelligent automated products manufacturer Laiye said Tuesday it has secured $70 million in a fundraising round that brought its total series C funding to $160 million and moved the company "very close" to unicorn status. 

The fundraising was jointly led by technology-focused private equity companies Hopu Magnolia Growth Fund, Youshan Capital and VMS Group, while existing shareholder Lightspeed Partners also took part, Laiye said.

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