Shenzhen-based AI hardware developer Letianpai Innovation Technology(Chinese:乐天派) has recently announced the completion of CNY 19 million (USD 2.9 million) angel round of funding.
Letianpai is a consumer brand that focuses on AI hardware products for personal use. Its products are designed around people and families, applying AI to various scenarios. By empowering AI, Letianpai aims to create products that provide users with a highly satisfying experience of human-machine interaction.
Among its products, Letianpai's desktop robot is a highly intelligent multifunctional machine that features voice assistants, smart home control, chat interactions and so on. Its voice assistant function is one of its most important features, enabling users to interact with the device to complete various operations, including checking the weather, playing music, and sending messages. In addition to the fun features offered by most robots on the market, it also serves as a desktop assistant, providing proactive services and intimate tools, and even offering ChatGPT-style modules. The "Letianpai Desktop Robot" is currently in the final stages of production and is expected to be launched after May 2023.
According to a research report on the prospects and investment opportunities in Chinese smart home industry from 2019 to 2023 published by domestic market research firm iiMedia Research, the market size of China's smart home industry reached CNY 51.37 billion (USD 7.9 billion) in 2018 and is expected to exceed CNY 200 billion (USD 30.8 billion) by 2023. In this huge market, the market size of smart voice assistants, as an important field, is also expanding.
Li Wanqiang, one of the investors in this round of funding, believes that Li Ming is a product-loving person, and the company insists on putting users first and driving AI software and hardware technology development with products while possessing extremely strong supply chain management capabilities. It is an essential cornerstone of Letianpai. Zhang Zerui from Shenzhen Liantai Huijia(Chinese:深圳联泰汇佳) also expressed that what impressed him about Letianpai was the company's forward-looking direction in exploring the future, making products that users need, and continuously productizing AI technology. This is a pragmatic entrepreneurial attitude.
From the perspective of competitors, the main competitors of Letianpai's desktop robot are well-known brand products in the current market, such as Amazon Echo, Google Home, and Xiao Ai Tongxue（小爱同学）. However, compared with these products, Letianpai's desktop robot has more customized services and voice interaction interfaces for Chinese users, which can better meet the needs of domestic users.
Investors Li Wanqiang and Shenzhen Liantai Huijia jointly participated in this round of financing. Li Wanqiang is a co-founder of Xiaomi. This round of financing will be used to strengthen product and technology research and development, including hardware research and development, algorithm technology, as well as user experience improvement and overseas market expansion.
At this critical stage, the ESG2023 "the US Sub-Forum" will be held in Shenzhen on June 2, 2023. EqualOcean will invite the representatives of academic institutions and investment institutions, as well as company leaders, from the International Studies Institute of Fudan University, Sun Yat-sen University, Jinan University School of International Relations, Gaorong Capital, Vision Plus Capital, FreeS Fund, ZWC Partners, Source Code Capital, Niu Technologies, TikTok, SHEIN, NEIWAI, miHoYo, Tuya, MINISO, Dreame, Ecovacs, WYBOTICS, Lifen, and UniUni.EqualOcean analysts will also release the US Report 2023 at the US Sub-Forum, summarizing business opportunities and best practices for expanding into the US market in the new stage. Click the link to apply and scan the QR code below to learn more about ESG2023.