UiPath raises $568 million series D funding round
The robotic process automation (RPA) company,UiPath is blazing a path to an “automation first” era, closing its Series D investment round, raising $568 million at a post-money valuation of $7 Billion.
This was led by Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. Accel, who led the Series A and B rounds, and CapitalG and Sequoia, who led the Series C round, all participated in this round, as did other existing investors, including IVP and Madrona Venture Group. At the $7 Billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.
UiPath closed its Series A funding in April 2017, and since then has expanded on its most important milestones:
- Cultivated the world’s largest community in RPA, now exceeding more than 400,000 users worldwide across 200 countries;
- Expanded its worldwide customer base to 8 of the top 10 Fortune 500 Global, and over 50 percent of the top 50 Fortune 500 Global;
- Delivered six releases of the UiPath Enterprise RPA platform with defense-grade security, launched UiPath Go!, integrated AI by adding new capabilities like AI Computer Vision, and created an open and extensible architecture that has made UiPath the platform of choice for third-party RPA and AI development;
- Increased its annual recurring revenue (ARR) from $8 million to over $200 million;
- Grew its employee base to over 2,500, a 16x increase during the period.
“We are at the tipping point. Business leaders everywhere are augmenting their workforces with software robots, rapidly accelerating the digital transformation of their entire business and freeing employees to spend time on more impactful work,” said Daniel Dines, UiPath co-founder and CEO. “UiPath is leading this workforce revolution, driven by our core determination to democratise RPA and deliver on our vision of a robot helping every person. I am humbled by the amazing support our customers, partners and investors give us every day, inspiring us to work harder to evolve RPA as the platform that not only unlocks the true potential of AI, but also other emerging technologies. We are just getting started.”
Source: The Fintech Times