[Funding alert] UiPath raises $225M in Series E round
UiPath, the Robotic Process Automation (RPA) unicorn based out of New York, has closed its Series E investment round by raising $225 million.
The round was led by Alkeon Capital Management. Others who participated in the round 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.
The company has now received a post-money valuation of $10.2 billion after the funding round.
UiPath raises funds to scale its Robotic Process Automation
UiPath will use this funding to deepen its investment in research and development. In May 2020, it announced the availability of its end-to-end hyperautomation platform that accelerates and democratises automation adoption.
Daniel Dines, Co-founder and CEO, UiPath, said in a press release,
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business. 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 for automation to address challenges, the CEO added.
“Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organisations operate. UiPath’s scalable software with an intuitive user interface enables companies globally to accelerate their digital transformation efforts,” said Abhi Arun, General Partner at Alkeon.
At over $400 million in ARR, UiPath is one of the fastest-growing enterprise software companies. It has more than 3,000 employees worldwide, and has an office in Bengaluru. The company has 700 clients globally, with 90 of them being Fortune 500 companies.
It was also listed as the fastest-growing company in North America on Deloitte’s 2019 Technology Fast 500 list.
UiPath’s vision is to ‘deliver a robot for every person.’ It aims to do this by end-to-end management of high-scale automation, standardise, share, and reuse components, and by making robots do the repetitive tasks and the ones employees hate.