UiPath raises $225 million Series E funding to grow its robotic process automation platform
The last time we wrote about UiPath was back in March 2018 when the enterprise robotic process automation startup raised $153 million to accelerate its product roadmap. Since then, the New York-based startup has grown exponentially and expanded its service offerings. At the time, the company a little over 590 professionals across 14 countries.
Today, UiPath announced it has closed its Series E investment round, raising $225 million at a post-money valuation of $10.2 billion. The round was led by Alkeon. Others participating include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates, Inc. At over $400 million in ARR, UiPath is one of the fastest growing enterprise software companies worldwide.
UiPath Co-Founder and CEO Daniel Dines said the funding proceeds will be used to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers.
Founded in 2015 by Daniel Dines and Marius Tirca, the New York-based UiPath enables businesses and organizations to develop an agile digital workforce by providing a state-of-the-art platform for software robots orchestration. Their products automate across all internal or web-based applications/databases and have unmatched solutions for Citrix, SAP and BPO automation.
Their industry standard enterprise architecture enables UiPath products to seamlessly fit within global IT environments and comply with all security requirements. They are also vendor of Robotic Process Automation software that powers the intelligent process automation solutions offered by the most technology savvy BPO companies.
UiPath technology is used by thousands of companies particularly in document management, call center, healthcare, financial, API enablement, data extraction, and migration, process automation, application integration and business process outsourcing verticals.
According to Forrester Research, “As we emerge from the crisis, firms will look to automation as a way to mitigate the risks that future crises pose to the supply and productivity of human workers.”* With automation now becoming a boardroom imperative with new urgency, UiPath will use this funding to deepen its investment in research and development. Having announced the availability of its end-to-end hyperautomation platform in May 2020, UiPath is focused on accelerating and democratizing automation adoption to help customers deliver a better customer experience so employees worldwide can use, and also experience optimal value from, software robots. Whether on-premise or in the cloud, UiPath customers are afforded flexible deployment options best suited for their organization.
“We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal,” Daniel Dines said.
“Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate. UiPath’s leading-edge, mission critical product combines scalable software with an intuitive user interface enabling companies globally to accelerate their digital transformation efforts,” said Abhi Arun, General Partner at Alkeon. “UiPath is one of the fastest growing enterprise software companies in technology history and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise.”