UiPath touches a $3 B valuation in Series C funding of $225 M led by Capital G and Sequoia
US-based enterprise Robotic Process Automation (RPA) software company UiPath on Wednesday raised Series C funding of $225 million at a valuation of $3 billion. The round was led by Capital G and Sequoia Capital, while existing investor Accel Partners also participated in this round of funding. With this round of funding the team intends to expand its India operations and product development capabilities.
UiPath is looking to increase the workforce from 250 to 1,200 by the end of next year and expand its presence across Hyderabad, Pune, Kolkata, Pune and Chennai, and also ramp up the workforce functions in Bengaluru, Gurgaon and Mumbai.
In a press statement, Daniel Dines, co-founder and CEO, UiPath, said the company is working towards enabling a future where employees at every organisation are empowered to automate tedious and time-consuming work, thus allowing them to focus on creative, challenging problems.
“UiPath is driven by the incredible potential for our platform to be the gateway to transform our customers’ digital business operations with machine learning and AI," he noted.
Raghunath Subramanian, President and CEO (India & APAC), added that the company plans to use the additional funding to support its accelerated product development ambitions, deepen its ecosystem of partnerships to deliver complementary AI-enabled solutions, broaden the role of RPA in enterprise process automation initiatives, and invest in targeted M&A opportunities.
The company announced in early July that it had increased its annual recurring revenue from $1 million to $100 million. It claims to have more than 1,800 global customers and is adding six new enterprise customers per day; the company expects annual recurring revenue at the end of 2018 to increase by more than four times compared to the end of 2017.
Carl Eschenbach, Partner, Sequoia, said,
“Every company is looking to drive a digital transformation of their back-end systems, and UiPath is solving that pain point through AI-powered automation. Daniel and his team have built a technology platform that will drive efficiencies and deliver tangible RoI for businesses. We are thrilled to partner with UiPath to help accelerate their already impressive growth.”
UiPath has raised over $400 million from a clutch investors including Accel, CapitalG, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and now Sequoia. UiPath raised its Series A round in April 2017 with 200 customers at a valuation of $140 million. It raised another $153 million in March 2018 at a valuation of $1.1 billion.
Laela Sturdy, Partner, CapitalG said,
“CapitalG is thrilled to deepen its commitment to UiPath. We strongly believe that RPA is a primary route for organizations to benefit from AI, and UiPath is proving this potential with its unparalleled growth and incredible customer impact. We look forward to our continued partnership with UiPath to bring this transformative technology to businesses across the globe.”