[Funding alert] UiPath raises $568M in Series D round at $7 billion valuation
UiPath, a US-based robotic process automation company with its development centre in India, has closed its Series D investment round raising $568 million at a post-money valuation of $7 billion, according to a press release issued by the company.
This round of funding was led by Coatue, and joined by Dragoneer, Wellington, and Sands Capital. Accel, which led the Series A and B rounds, and CapitalG and Sequoia, which led the Series C round, participated in this round as well, as did other existing investors, including IVP, and Madrona Venture Group.
UiPath claimed that at $7 billion valuation, it is one of the fastest growing and highest-valued artificial intelligence (AI) enterprise software companies worldwide.
UiPath closed its Series A funding in April 2017, and since then has expanded on its most important milestones. In the two years hence, it has grown the annual recurring revenue (ARR) from $8 million to $200 million while the valuation rose from $110 million to $7 billion.
The company which was founded in 2005 says it has more than 400,000 users worldwide for its product across 200 countries. It has over 2,500 employees.
“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,” says Daniel Dines, UiPath Co-founder and CEO.
Outlining the huge potential for robotic process automation (RPA) and the prospect of making India the base for automation talent globally, Raghu Subramanian, President and CEO of UiPath India, says, “The opportunities for UiPath in a diverse country like India are massive, ranging from sectors like IT to BFSI and healthcare to government. More than that, India is in a prime position to become an RPA powerhouse, because of the rapid adoption of RPA and AI and the growing talent pool. We are committed to investing in India to realise our global vision of ‘A Robot for Every Person’ and create a talent base of over 500,000 automation-trained professionals,” he added.